The Basel Committee on Banking Supervision has published a report for the G20 Leaders on the implementation of Basel III regulatory reforms and the measures taken by Committee members in response to Covid-19.
The report notes that:
- further progress has been made towards the implementation of Basel III standards in a full, timely and consistent manner;
- most member jurisdictions have final rules in place for Basel III standards, however final rules for some standards have not yet come into force in some jurisdictions; and
- most Basel Framework-related measures taken by Committee members in response to the pandemic have been capital or liquidity-related, the primary objective being to support banks’ ability to continue to lend and to provide liquidity to the real economy.
The Committee will report to the G20 regularly on the progress of the implementation and will continue to monitor the regulatory measures taken by its members in response to Covid-19.