Banks: Regulation
Treasury
Stephen Phillips (Sleaford and North Hykeham, Conservative)
To ask the Chancellor of the Exchequer what recent assessment he has made of progress on the implementation of Basel III.
Mark Hoban (Financial Secretary, HM Treasury; Fareham, Conservative)
At the February 2012 Mexico City summit, Finance Ministers and Central Bank Governors of the G20 reiterated the commitment made by the G20 leaders at the 2010 Seoul Summit to fully implement Basel III along the agreed timelines. Finance Ministers and Central Bank Governors of the G20 also endorsed the Financial Stability Board (FSB) monitoring of the full and timely implementation of the Basel accords through its Co-ordination Framework for Implementation Monitoring of Agreed G20/FSB Financial Reforms. Further details of the FSB's monitoring of progress in the development and implementation of the G20 recommendations for financial sector policy reforms can be found at:
http://www.financialstabilityboard.org/publications/r_111017.pdf
In the EU, Basel III will be implemented through legislation on prudential requirements for credit institutions and investment firms, which the Commission adopted proposals for on