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    BOT Revises Pillar 2 Capital Rules, Encourages Faster Adoption of THOR

    August 27, 2021

    The Bank of Thailand (BOT) published the revised Pillar 2 capital rules, along with the related questions and answers (Q&A), to help financial institutions manage risk and capital adequacy more flexibly. BOT is revising Pillar capital rules to enable financial institutions to face new types of risk, such as information technology, legal, and regulatory risks. BOT also highlighted that the rules are being revised to account for the environmental, social, and governance (ESG) factors in the risk assessment process. The revised Pillar 2 rules will come into effect on January 01, 2022.

    In addition, BOT announced that the Thai financial market is now ready to use Thai Overnight Repurchase Rate (THOR) as a reference rate in financial contracts in all aspects. THOR has been developed to replace the Thai Baht Interest Rate Fixing (THBFIX) interest rate reference, which will be discontinued after June 30, 2023, along with the USD LIBOR interest rate. BOT encourages all market participants to familiarize themselves with and start using THOR as their benchmark reference rate. In another development, BOT added “TMB Bank Thanachart Public Company Limited” to the list of domestic systemically important banks (D-SIBs).

     

    Related Links (in Thai)

    Effective Date: January 01, 2022

    Keywords: Asia Pacific, Thailand, Banking, Securities, Pillar 2, Regulatory Capital, Basel, Interest Rate Benchmark, THOR, THBFIX, LIBOR, Benchmark Reforms, D-SIBs, Systemic Risk, BOT

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