Central bank governors and top regulators from 27 countries have agreed on tough new bank capital rules to prevent future financial crises.

The delegates met at the Bank for International Settlements (BIS) in Basel on Sunday to hammer out the details of the deal. The Basel III reform is meant to ensure that banks have enough capital to sustain tough times without government aid.

The group, chaired by European Central Bank President Jean-Claude Trichet, had yet to release the specifics of the deal as of Sunday evening. However, an unnamed source confirmed that an agreement had been made.

Most of the Basel III details were settled in July. Sunday’s meeting focused on answering two key questions: how much capital would be required and how long banks would have to comply.

Leaders of the Group of 20 countries called for action in 2009 after the global financial crisis wreaked havoc. They are expected to endorse Sunday’s deal at their November meeting in Seoul. The new rules would be effective starting in stages from 2013.

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