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Basel III reforms meeting postponed

First Published 3rd January 2017

Basel Committee‎ on Banking Supervision says more time needed to finalise reforms.

Mario Draghi, GHOS and European Central Bank

Mario Draghi, GHOS and European Central Bank

The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, has said that whilst it welcomes the progress made towards completing the Basel Committee's post-crisis regulatory reforms, more time is needed to finalise some work, including ensuring the framework's final calibration, before the GHOS can review the package of proposals.

A meeting of the GHOS, originally planned for early January, has therefore been postponed. The Committee said it expects to complete this work in the near future.

"Completing Basel III is an important step towards restoring confidence in banks' risk-weighted capital ratios, and we remain committed to that goal," said Mario Draghi, Chairman of the GHOS and President of the European Central Bank.

Stefan Ingves, Chairman of the Basel Committee and Governor of Sveriges Riksbank, said that the Committee will continue to work on outstanding details. "The Committee will keep working to finalise its reforms aimed at fixing shortcomings highlighted by the financial crisis to make banks safer and more resilient," he stated.