Bloomberg reported that global central bank chiefs agreed to water down and delay a planned bank liquidity rule to counter warnings that the proposal would strangle lending and stifle the economic recovery.

Bloomberg said lenders will be allowed to use an expanded range of assets including some equities and securitized mortgage debt to meet the so-called liquidity coverage ratio, or LCR, following a deal struck by regulatory chiefs at a meeting in Basel, Switzerland.

Under the deal, the banks’ would only have to meet 60% of the LCR obligations by 2015, and the full rule would be phased in annually through 2019, Bloomberg said.

To read the Bloomberg story click here.