European banks will have to wait to adopt a new contentious accounting rule released yesterday in the wake of the crisis, which banks fear will make them uncompetitive.

European finance ministers have spent the past twelve months piling pressure on the International Accounting Standards Board to hasten the release of a new accounting rule to value and measure assets.

Yesterday’s release of the new standard was met with delays from Brussels which will study the new standard before it considers adoption, The Financial Times reports.

The move has angered banks which fear they will be put at a “competitive disadvantage” if they are not able to start using the new rule.

The rule, based on the “fair value” principle, forces listed companies around the world to measure their assets at market prices.

The principle was criticised during the crisis as banks valued their financial instruments at depressed prices in stagnant markets.

Read the full story: EU delays adoption of accounting rule changes