A committee commissioned by the Bank for International Settlements said banks will find it difficult to meet the tougher Basel III rules for capital and liquidity. AFME is voicing concerns that the rules will hinder economic growth because they discourage securitisation. "We face a €1,300 billion funding requirement over the next three years which is not going to be met by traditional bank lending once Basel III has been implemented ... The regulatory focus on securitisation is understandable but ... could permanently damage incentives for investors and issuers of all types of securitisation," according to AFME. Timothy Ryan, president and CEO of SIFMA, also questioned whether the tasks and requirements facing the industry as well as regulators are workable.