The end of the beginning for Basel III
The Basel Committee is due to publish the final version of Basel III this month, firing the starting gun for legislators to begin transposing the complex set of standards into binding laws next year. Will the committee’s 27 member countries implement the rules consistently? Joel Clark reports
In November 1942, UK prime minister Winston Churchill told a war-weary country: “This is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.” The same caution could well be applied to the Basel III reform process at the end of 2010.
One year after the first consultation paper on a comprehensive new set of capital and liquidity rules was published, the Basel Committee on Banking Supervision will this month unveil the final, fully calibrated set of
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