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Basel Committee reports on Basel III implementation progress

Banks have made significant progress in adopting the Basel III rules aimed at making them safer, the Bank for International Settlements said in its latest update.

Its report assessed progress up to the end of September in adopting the Basel standards agreed to date, including the Basel III post-financial crisis reforms that were agreed in December 2017 and will take effect from Jan.1, 2022, and will be phased in over five years.

BIS said member jurisdictions had made more progress in implementing capital requirements for bank exposures to central counterparties. Members that had issued final rules for this had risen to 19 from 10 back in March, the end date for the previous progress survey.

Similarly, 19 jurisdictions have final rules in place for capital requirements for equity investments in funds, up from 10 previously.

Ten jurisdictions have issued final rules for revised minimum requirements for market risk either for capital or reporting purposes, while only one had in the previous survey.

BIS also said that significant progress has been made in implementing the standard on interest rate risk in the banking book where 20 jurisdictions compared with nine previously had issued final rules. The survey also showed that 22 jurisdictions had now issued draft or final rules for the net stable funding ratio.