This time, it’s international regulators, who have pushed back the so called Basel requirements on capitalization:

Global regulators will give banks a grace period before forcing them to implement stricter capital rules, three people said on Wednesday, easing concerns that lenders might need to issue massive amounts of shares in the near future.

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The committee is expected to publish proposals this week for stricter financial regulations in response to the credit crisis. There had been fears that if banks implement the new rules quickly, they would have to raise substantial capital.

The three people with knowledge of the matter said the committee would stick to its plan to gradually implement changes starting in 2012, but will give banks a transition period to help them adjust to the rules.

My bet is that in 2010, start will be pushed off to 2013, and in 2011, it will be pushed off to 2014.

Rinse……Lather……Repeat.