December 07, 2017

EC welcomes the agreement on Basel III reforms and follows up on the agreement to further strengthen the international post-crisis rules for banks, by setting out its approach to these new rules in the EU. The agreement will now be subject to a thorough EC consultation and impact assessment to evaluate the consequences for the EU economy, before it can be translated into the EU law.

The Group of Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, has endorsed a package of amendments to the Basel III framework, the internationally agreed prudential standards for banks, that aim to finalize the post-crisis reforms. This agreement is the result of a strategic review of the international reforms; the review was conducted by the Basel Committee to improve the balance between simplicity, comparability, and risk-sensitivity.

The implementation of this agreement in the EU would require amendments to current banking regulations, including the Capital Requirements Regulation (CRR). Before proposing such amendments, along with a thorough impact assessment, the EC will also consult the EU institutions, member states, and various stakeholders. Any legislative proposal would be independent from the CRR amendments that were proposed by EC in November 2016 and that are currently being negotiated by the European Parliament and the Council. In the EU, the implementation of Basel standards is done through the CRR and the Capital Requirement Directive (CRD).

 

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Keywords: Europe, EU, Banking, Basel III, CRR, CRD, EC

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