The finalisation of the Basel III reforms has been delayed, according to a press release today. No details were given of which issues remain to be resolved, nor a revised time frame.
The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, welcomes the progress made towards completing the Basel Committee’s post-crisis regulatory reforms.
However, more time is needed to finalise some work, including ensuring the framework’s final calibration, before the GHOS can review the package of proposals. A meeting of the GHOS, originally planned for early January, has therefore been postponed. The Committee is expected to complete this work in the near future.
“Completing Basel III is an important step towards restoring confidence in banks’ risk-weighted capital ratios, and we remain committed to that goal,” said Mario Draghi, Chairman of the GHOS and President of the European Central Bank.
Stefan Ingves, Chairman of the Basel Committee and Governor of Sveriges Riksbank, said that the Committee will continue to work on outstanding details. “The Committee will keep working to finalise its reforms aimed at fixing shortcomings highlighted by the financial crisis to make banks safer and more resilient,” he stated.
About the Basel Committee and the GHOS
The Basel Committee comprises 45 members from 28 jurisdictions, consisting of central banks and authorities with formal responsibility for the supervision of banking business. The Committee reports to the central bank Governors and (non-central bank) heads of supervision from the Committee’s members