巴塞尔协议三中英对照.docx
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巴塞尔协议三中英对照.docx
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巴塞尔协议三中英对照
最新巴塞尔协议三中英对照
GroupofGovernorsandHeadsofSupervisionannounceshigherglobalminimumcapitalstandards
12September2010
Atits12September2010meeting,theGroupofGovernorsandHeadsofSupervision,theoversightbodyoftheBaselCommitteeonBankingSupervision,announcedasubstantialstrengtheningofexistingcapitalrequirementsandfullyendorsedtheagreementsitreachedon26July2010.Thesecapitalreforms,togetherwiththeintroductionofagloballiquiditystandard,deliveronthecoreoftheglobalfinancialreformagendaandwillbepresentedtotheSeoulG20LeaderssummitinNovember.
TheCommittee'spackageofreformswillincreasetheminimumcommonequityrequirementfrom2%to4.5%.Inaddition,bankswillberequiredtoholdacapitalconservationbufferof2.5%towithstandfutureperiodsofstressbringingthetotalcommonequityrequirementsto7%.ThisreinforcesthestrongerdefinitionofcapitalagreedbyGovernorsandHeadsofSupervisioninJulyandthehighercapitalrequirementsfortrading,derivativeandsecuritisationactivitiestobeintroducedattheendof2011.
MrJean-ClaudeTrichet,PresidentoftheEuropeanCentralBankandChairmanoftheGroupofGovernorsandHeadsofSupervision,saidthat"theagreementsreachedtodayareafundamentalstrengtheningofglobalcapitalstandards."Headdedthat"theircontributiontolongtermfinancialstabilityandgrowthwillbesubstantial.Thetransitionarrangementswillenablebankstomeetthenewstandardswhilesupportingtheeconomicrecovery."MrNoutWellink,ChairmanoftheBaselCommitteeonBankingSupervisionandPresidentoftheNetherlandsBank,addedthat"thecombinationofamuchstrongerdefinitionofcapital,higherminimumrequirementsandtheintroductionofnewcapitalbufferswillensurethatbanksarebetterabletowithstandperiodsofeconomicandfinancialstress,thereforesupportingeconomicgrowth."
Increasedcapitalrequirements
Undertheagreementsreachedtoday,theminimumrequirementforcommonequity,thehighestformoflossabsorbingcapital,willberaisedfromthecurrent2%level,beforetheapplicationofregulatoryadjustments,to4.5%aftertheapplicationofstricteradjustments.Thiswillbephasedinby1January2015.TheTier1capitalrequirement,whichincludescommonequityandotherqualifyingfinancialinstrumentsbasedonstrictercriteria,willincreasefrom4%to6%overthesameperiod.(Annex1summarisesthenewcapitalrequirements.)
TheGroupofGovernorsandHeadsofSupervisionalsoagreedthatthecapitalconservationbufferabovetheregulatoryminimumrequirementbecalibratedat2.5%andbemetwithcommonequity,aftertheapplicationofdeductions.Thepurposeoftheconservationbufferistoensurethatbanksmaintainabufferofcapitalthatcanbeusedtoabsorblossesduringperiodsoffinancialandeconomicstress.Whilebanksareallowedtodrawonthebufferduringsuchperiodsofstress,theclosertheirregulatorycapitalratiosapproachtheminimumrequirement,thegreatertheconstraintsonearningsdistributions.Thisframeworkwillreinforcetheobjectiveofsoundsupervisionandbankgovernanceandaddressthecollectiveactionproblemthathaspreventedsomebanksfromcurtailingdistributionssuchasdiscretionarybonusesandhighdividends,eveninthefaceofdeterioratingcapitalpositions.
Acountercyclicalbufferwithinarangeof0%-2.5%ofcommonequityorotherfullylossabsorbingcapitalwillbeimplementedaccordingtonationalcircumstances.Thepurposeofthecountercyclicalbufferistoachievethebroadermacroprudentialgoalofprotectingthebankingsectorfromperiodsofexcessaggregatecreditgrowth.Foranygivencountry,thisbufferwillonlybeineffectwhenthereisexcesscreditgrowththatisresultinginasystemwidebuildupofrisk.Thecountercyclicalbuffer,whenineffect,wouldbeintroducedasanextensionoftheconservationbufferrange.
Thesecapitalrequirementsaresupplementedbyanon-risk-basedleverageratiothatwillserveasabackstoptotherisk-basedmeasuresdescribedabove.InJuly,GovernorsandHeadsofSupervisionagreedtotestaminimumTier1leverageratioof3%duringtheparallelrunperiod.Basedontheresultsoftheparallelrunperiod,anyfinaladjustmentswouldbecarriedoutinthefirsthalfof2017withaviewtomigratingtoaPillar1treatmenton1January2018basedonappropriatereviewandcalibration.
SystemicallyimportantbanksshouldhavelossabsorbingcapacitybeyondthestandardsannouncedtodayandworkcontinuesonthisissueintheFinancialStabilityBoardandrelevantBaselCommitteeworkstreams.TheBaselCommitteeandtheFSBaredevelopingawellintegratedapproachtosystemicallyimportantfinancialinstitutionswhichcouldincludecombinationsofcapitalsurcharges,contingentcapitalandbail-indebt.Inaddition,workiscontinuingtostrengthenresolutionregimes.TheBaselCommitteealsorecentlyissuedaconsultativedocumentProposaltoensurethelossabsorbencyofregulatorycapitalatthepointofnon-viability.GovernorsandHeadsofSupervisionendorsetheaimtostrengthenthelossabsorbencyofnon-commonTier1andTier2capitalinstruments.
Transitionarrangements
Sincetheonsetofthecrisis,bankshavealreadyundertakensubstantialeffortstoraisetheircapitallevels.However,preliminaryresultsoftheCommittee'scomprehensivequantitativeimpactstudyshowthatasoftheendof2009,largebankswillneed,intheaggregate,asignificantamountofadditionalcapitaltomeetthesenewrequirements.Smallerbanks,whichareparticularlyimportantforlendingtotheSMEsector,forthemostpartalreadymeetthesehigherstandards.
TheGovernorsandHeadsofSupervisionalsoagreedontransitionalarrangementsforimplementingthenewstandards.Thesewillhelpensurethatthebankingsectorcanmeetthehighercapitalstandardsthroughreasonableearningsretentionandcapitalraising,whilestillsupportinglendingtotheeconomy.Thetransitionalarrangements,whicharesummarisedinAnnex2,include:
Nationalimplementationbymembercountrieswillbeginon1January2013.Membercountriesmusttranslatetherulesintonationallawsandregulationsbeforethisdate.Asof1January2013,bankswillberequiredtomeetthefollowingnewminimumrequirementsinrelationtorisk-weightedassets(RWAs):
3.5%commonequity/RWAs;
4.5%Tier1capital/RWAs,and
8.0%totalcapital/RWAs.
TheminimumcommonequityandTier1requirementswillbephasedinbetween1January2013and1January2015.On1January2013,theminimumcommonequityrequirementwillrisefromthecurrent2%levelto3.5%.TheTier1capitalrequirementwillrisefrom4%to4.5%.On1January2014,bankswillhavetomeeta4%minimumcommonequityrequirementandaTier1requirementof5.5%.On1January2015,bankswillhavetomeetthe4.5%commonequityandthe6%Tier1requirements.Thetotalcapitalrequirementremainsattheexistinglevelof8.0%andsodoesnotneedtobephasedin.Thedifferencebetweenthetotalcapitalrequirementof8.0%andtheTier1requirementcanbemetwithTier2andhigherformsofcapital.
Theregulatoryadjustments(iedeductionsandprudentialfilters),includingamountsabovetheaggregate15%limitforinvestmentsinfinancialinstitutions,mortgageservicingrights,anddeferredtaxassetsfromtimingdifferences,wouldbefullydeductedfromcommonequityby1January2018.
Inparticular,theregulatoryadjustmentswillbeginat20%oftherequireddeductionsfromcommonequityon1January2014,40%on1January2015,60%on1January2016,80%on1January2017,andreach100%on1January2018.Duringthistransitionperiod,theremaindernotdeductedfromcommonequitywillcontinuetobesubjecttoexistingnationaltreatments.
Thecapitalconservationbufferwillbephasedinbetween1January2016andyearend2018becomingfullyeffectiveon1January2019.Itwillbeginat0.625%ofRWAson1January2016andincreaseeachsubsequentyearbyanadditional0.625percentagepoints,toreachitsfinallevelof2.5%ofRWAson1January2019.Countriesthatexperienceexcessivecreditgrowthshouldconsideracceleratingthebuildupofthecapitalconservationbufferandthecountercyclicalbuffer.Nationalauthoritieshavethediscretiontoimposeshortertransitionperiodsandshoulddosowhereappropriate.
Banksthatalreadymeettheminimumratiorequirementduringthetransitionperiodbutremainbelowthe7%commonequitytarget(minimumplusconservationbuffer)shouldmaintainprudentearningsretentionpolicieswithaviewtomeetingtheconservationbufferassoonasreasonablypossible.
Existingpublicsectorcapitalinjectionswillbegrandfathereduntil1January2018.Capitalinstrumentsthatnolongerqualifyasnon-commonequityTier1capitalorTier2capitalwillbephasedoutovera10yearhorizonbeginning1January2013.Fixingthebaseatthenominalamountofsuchinstrumentsoutstandingon1January2013,theirrecognitionwillbecappedat90%from1January2013,withthecapreducingby10percentagepointsineachsubsequentyear.Inaddition,instrumentswithanincentivetoberedeemedwillbephasedoutattheireffectivematuritydate.
CapitalinstrumentsthatnolongerqualifyascommonequityTier1willbeexcludedfromcommonequityTier1asof1January2013.However,instrumentsmeetingthefollowingthreeconditionswillbephasedoutoverthesamehorizondescribedinthepreviousbulletpoint:
(1)theyareissuedbyanon-jointstockcompany1;
(2)theyaretreatedasequityundertheprevailingaccountingstandards;and(3)theyreceiveunlimitedrecognitionaspartofTier1capitalunde
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