Basel Committee on Banking Supervision Defers Basel III Implementation in Response to COVID-19

The 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. 
 

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