Not All Jurisdictions Ready for Basel III Start Date
Published October 9, 2012
The Basel Committee on Banking Supervision has published its third progress report on Basel III implementation. It is the Committee’s last report ahead of the globally agreed upon start date of January 1, 2013 for implementing Basel III, although the committee said it will continue to provide updates through next year and beyond.
Commenting on the report, Stefan Ingves, chairman of the Basel Committee and governor of Sveriges Riksbank, Sweden’s central bank, said, “It is clear that not all jurisdictions will be ready in time. Still, we see continuing signs of progress.” He added “The Committee recently published three Level 2 assessment reports, which showed that further work is needed by some jurisdictions to close the gaps identified in their draft regulations. It is essential that all jurisdictions continue to press ahead and finalize regulations by the deadline or as soon as possible thereafter.”
The committee said Basel III implementation review comprises the following three levels:
Level 1: ensuring the timely adoption of Basel III
Level 2: regulatory consistency with Basel III
Level 3: consistency of outcomes (initially focusing on risk-weighted assets)
To read the committee’s full report click here.