Basel Committee on Banking Supervision issues first Progress report on Basel III implementation.

October 18 2011:

Basel Committee on Banking Supervision has issued its first Progress report on Basel III implementation. The report provides a high-level view of Basel Committee members’ progress in adopting Basel II, Basel 2.5 and Basel III, as of end September 2011. It focuses on the status of domestic rule-making processes to ensure that the Committee’s capital standards are transformed into national law or regulation according to the internationally agreed timeframes. The Committee believes that disclosure will provide additional incentive for members to fully comply with the international agreements.

Mr Stefan Ingves, Basel Committee Chairman and Governor of Sweden’s central bank, said that “a critical first step in the Basel III implementation process is to ensure that all of our members implement the framework consistent with agreed timelines. The progress report released today reflects the Basel Committee’s strong commitment for timely, full and consistent implementation of Basel III.”

As announced on 28 September 2011, the Committee has adopted a comprehensive framework to monitor and review its members' implementation of the Basel regulatory capital framework. Today’s report discloses the status of members' adoption of the capital framework. A subsequent element of the Committee’s framework will be to review the consistency of members’ national rules or regulations with the international minimum standard to identify differences that could raise prudential or level playing field concerns.

The framework will also review the measurement of risk-weighted assets in both the banking book and the trading book to ensure consistency in practice across banks and jurisdictions. The Committee’s preparations are well advanced so that these reviews can commence by the beginning of 2012.

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