Basel III implementation delayed by one year due to Covid-19 pandemics
30 March 2020
A press release published on March 27 announced deferral of Basel III implementation to increase operational capacity of banks and supervisors to respond to Covid-19.
"It is important that banks and supervisors are able to commit their full resources to respond to the impact of Covid-19. This includes providing critical services to the real economy and ensuring that the banking system remains financially and operationally resilient", said François Villeroy de Galhau, Chairman of the Governors and Heads of Supervision (GHOS) and Governor of the Bank of France.
This article provides further insight on the new implementation timeline of the outstanding Basel III standards.