G20 expects work on remaining Basel III components to be done by end of 2014
MOSCOW. July 22 (Interfax) - G20 finance ministers expect work on the remaining components of the Basel III framework to be completed by the end of 2014, they said in a communique issued after their meeting in Moscow.
"We welcome the work of the Basel Committee on Banking Supervision (BCBS) to assess the consistency of jurisdictions' rules with Basel III and look forward to the updated progress report on Basel III implementation ahead of the Summit. We welcome the recent BCBS report on the regulatory consistency of risk-weighted assets and look forward to their further work to improve comparability of regulatory capital ratios. We expect the BCBS to finalize its work on the remaining components of the Basel III framework - the leverage ratio by early 2014 and on net stable funding ratio by end 2014," the communique states.
The communique notes that progress has been made on implementing Basel III since the April meeting of G20 finance ministers. Several more jurisdictions have adopted final rules introducing Basel III standards, and those who have not yet adopted final rules for regulation have pledged to do so as quickly as possible in 2013.
Russia decided in July to synchronize its adoption of Basel III standards with their adoption in the United States. The Basel III standards for bank capital, for example, will be applied to Russian banks effective January 1, 2014.