On 12 September 2010, the Group of Central Bank Governors and Heads of Supervision, the oversight body of the Basel Committee on Banking Supervision (“BCBS”), issued a press release1 announcing a substantial strengthening of the capital requirements, and its full endorsement of the agreement it had reached on 26 July 20102 in relation to the proposed reforms to the Basel II framework.3 These elements are intended to form part of a package of reforms to be known as Basel III.

The press release contains a table summarising the new requirements on minimum regulatory capital and buffers, as well as a timetable for phasing in the new reforms.