12 April 2013
The Basel Committee on Banking Supervision has today published its Report to G20 Finance Ministers and Central Bank Governors on monitoring implementation of Basel III regulatory reform. The report will be considered at the meeting of G20 ministers and governors in Washington DC on 18-19 April.
Full, timely and consistent implementation of Basel III remains fundamental to building a resilient financial system, maintaining public confidence in regulatory ratios and providing a level playing field for internationally active banks. In this report, substantial progress can be observed with respect to (i) the adoption of the Basel rules by Basel Committee member jurisdictions, (ii) the strengthening of the capital base by internationally active banks and (iii) the finalisation of remaining post-crisis reforms that form part of the Basel regulatory framework.
Stefan Ingves, Chairman of the Committee and Governor of Sveriges Riksbank, said: "Since the Basel Committee's report to the G20 Finance Ministers and Central Bank Governors in October 2012, there has been significant progress in many areas. Many Committee members now have final Basel III rules in place and the progress made by banks in strengthening their capital base is encouraging. Nevertheless, there is more to do. In particular, those jurisdictions that have not yet issued final versions of their domestic Basel III regulations need to do so as soon as possible, and bring themselves into line with the internationally agreed implementation timetable."