The Basel Committee on Banking Supervision has today published its Report to G20 Finance Ministers and Central Bank Governors on Basel III implementation by its member jurisdictions. The report will be considered at the meeting of G20 ministers and governors in Mexico City on 4-5 November.
The report covers all three levels of the Committee's Basel III implementation review programme:
Level 1: ensuring the timely adoption of Basel III
Level 2: assessing regulatory consistency with Basel III
Level 3: assessing the consistency of outcomes (initially focusing on banks' calculation of risk-weighted assets - RWAs)
Stefan Ingves, Chairman of the Committee and Governor of Sveriges Riksbank, said: "Since the report to the G20 Leaders in June 2012, significant progress can be observed, with many Basel Committee members now having final rules in place. We expect that the remaining jurisdictions will be able to finalise their rules swiftly and in a way that is true to the globally agreed minimum requirements. This is particularly important for those countries that are home to global systemically important banks (G-SIBs) and will be a significant step in improving the resilience of the banking system."
The Committee recently published an updated progress report (Level 1) and three regulatory consistency assessments (Level 2). Initial findings relating to the consistency of the calculation of RWAs (Level 3) are expected to be published in early 2013.