The Basel Committee on Banking Supervision has today published its third Progress report on Basel III implementation. It is the Committee's last report ahead of the globally agreed start date of 1 January 2013 for implementing Basel III although the Committee 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 finalise regulations by the deadline or as soon as possible thereafter."
The Basel III implementation review comprises the following three levels:
The Committee published its first three Level 2 reports last week of the European Union, Japan and United States. The Level 3 assessment of risk-weighted assets in the banking book and trading book will publish initial reports in late 2012 or early 2013.