Global regulators on Sunday gave banks around the world four more years to meet new liquidity rules designed to prevent financial crises.

Bank of England Governor Mervyn A. King, who is also the chairman of the regulators' group, said they provided more time to banks as the strict rules could damage the economic recovery. However, he stressed that regulators had no intent to go easier on lenders.

The regulators agreed to phase-in the rule from the year of 2015 over four years and broaden the range of assets that banks across the globe can put in the buffer to incorporate shares and retail mortgage-backed securities, and lower rated company bonds.

Speaking on the topic, Mr. King said, "Introducing a phased timetable for the introduction of the liquidity coverage ratio ... will ensure that the new liquidity standard will in no way hinder the ability of the global banking system to finance a recovery."

Banks across the globe had been complaining that they couldn't meet the January 2015 deadline to comply with a new global bank liquidity rule.

The changes are noteworthy compared with the draconian draft of new global bank liquidity rule introduced two years ago.

Bankers welcomed the changes, saying the move would make a real difference to issuance volumes by enhancing banks' marketability so that they could better manage their balance sheets and offer funding to the real economy.