Basel Committee on Banking Supervision standards: new implementation dates
The Group of Central Bank Governors and Heads of Supervision of member nations included in the Basel Committee on Banking Supervision (BCBS) — wherein the Bank of Russia is a participant — have decided to defer for one year — until 1 January 2023 — deadlines for implementation of changes to the Basel III framework (dated December 2017), of updated requirements for market risk management (dated January 2019) and of Pillar 3 disclosure requirements (dated December 2018).
The decision was made on 27 March 2020 as part of efforts towards easing regulatory burdens on credit institutions in the context of the spreading coronavirus (Covid-19).
The Bank of Russia, while taking heed of this BCBS decision, holds open the possibility of earlier implementation of the said standards, which assist in more accurate risk assessment with due regard to Russian credit institutions’ needs. In this way, the Bank of Russia is planning to adopt changes to the credit risk assessment procedure applicable to retail mortgage loans based on the new standard approach. This will enable credit institutions to apply to such loans the risk ratio below 100% subject to a number of conditions.
Complete texts of BCBS communications in English are available on the Bank for International Settlements website.