Basel Committee on Banking Supervision Defers Basel III Implementation in Response to COVID-19
03/30/2020The Basel Committee on Banking Supervision has delayed the implementation timeline for Basel III to allow firms to focus on tackling the challenges resulting from the coronavirus (COVID-19) pandemic. In particular, deadlines for the introduction of the following standards have all been postponed by one year, to January 1, 2023, from an original implementation date of January 1, 2022:
- revised leverage ratio framework and global systemically important bank buffer;
- revised standardized approach for credit risk;
- revised internal ratings based approach for credit risk;
- revised operational risk framework;
- revised credit valuation adjustment risk framework;
- output floor (the transitional arrangements for which were originally intended to be implemented to January 1, 2027, and have now been extended to January 1, 2028); and
- revised Pillar 3 disclosure framework.
The oversight body of the Basel Committee, the Group of Central Bank Governors and Heads of Supervision, will continue to evaluate the impact of COVID-19 on banks and regulators and will respond appropriately to developments.
View the Basel Committee's announcement of the postponement of Basel III.
View details of the Basel III framework.
Details of other regulatory responses to COVID-19 are available at our COVID-19 Research Center.
Return to main website.