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
GroupofGovernorsandHeadsofSupervisionannounceshigherglobalminimumcapitalstandards
12September2010
Atits12September2010meeting,theGroupofGovernorsandHeadsofSupervision,theoversightbodyoftheBaseICommitteeonBankingSupervision,announcedasubstarrtialstrengtheningofexistingcapitaIrequirementsandfullyendorsedtheagreementsitreachedon26July2010.Thesecapitalreforms,togetherwiththeintroductionofagIobaIliquiditystandard,deliveronthecoreofthegIobaIfinancialreformagendaandwi11bepresentedtotheSeoulG20LeaderssummitinNovember.
TheCommittee'spackageofreformswi11increasetheminimumcommonequityrequirementfrom2%to%•Inaddition,bankswi11berequiredtoholdacapitalconservationbufferof%towithstandfutureperiodsofstressbringingthetotalcommonequityrequirementsto7%.ThisreinforcesthestrongerdefinitionofcapitalagreedbyGovernorsandHeadsof
SupervisioninJulyandthehighercapitalrequirementsfortrading,derivativeandsecuritisationactivitiestobeintroducedattheendof2011.
MrJean-ClaudeTrichet,PresidentoftheEuropeanCentralBankandChairmanoftheGroupofGovernorsandHeadsofSupervision,saidthat"theagreementsreachedtodayareafundamentalstrengtheningofgIobaIcapitaistandards.Headdedthatntheircontributiontolongtermfinancialstabilityandgrowthwi11besubstantiaLThetransitionarrangementswiIIenablebankstomeetthenewstandardswhilesupportingtheeconomicrecovery.11MrNoutWe11ink,ChairmanoftheBaselCommitteeonBankingSupervisionandPresidentoftheNetherlandsBank,addedthatnthecombinationofamuchstrongerdefinitionofcapital,higherminimumrequirementsandtheintroductionofnewcapitalbufferswi11ensurethatbanksarebetterabletowithstandperiodsofeconomicandfinancialstress,thereforesupportingeconomicgrowth.n
Increasedcapitalrequirements
Undertheagreementsreachedtoday,theminimumrequirementforcommonequity,thehighestformoflossabsorbingcapital.wi11beraisedfromthecurrent2%IeveI,beforetheappIicationofregulatoryadjustments,to%aftertheappIicationofstricteradjustments.Thiswi11bephasedinby1January2015.TheTier1capitalrequirement,whichincIudescommonequityandotherquaIifyingfinanciaIinstrumerrtsbasedonstrictercriteria,wi11increasefrom4%to6%overthesameperiod.(Annex1summarisesthenewcapitairequirements.)
TheGroupofGovernorsandHeadsofSupervisionalsoagreedthatthecapitaiconservationbufferabovetheregulatoryminimumrequirementbecalibratedat%andbemetwithcommonequity,aftertheappIicationofdeductions.Thepurposeoftheconservationbufferistoensurethatbanksmaintainabufferofcapitalthatcanbeusedtoabsorblossesduringperiodsoffinancialandeconomicstress.Whilebanksarea11owedtodrawonthebufferduringsuchperiodsofstress,theclosertheirregulatorycapitalratiosapproachtheminimumrequirement,thegreatertheconstraintsonearningsdistributions.Thisframeworkwillreinforcetheobjectiveofsoundsupervisionandbankgovernanceandaddresstheco11ectiveactionproblemthathaspreventedsomebanksfrom
curtaiIingdistributionssuchasdiscretionarybonusesand
highdividends,evenin
thefaceofdeterioratingcapital
positions.
Acountercyclicalbufferwithinarangeof0%-%ofcommonequityorotherfullyIossabsorbingcapitalwiIIbeimpIementedaccordingtonationalcircumstances.Thepurposeofthecountercyclicalbufferistoachievethebroadermacroprudentialgoalofprotectingthebankingsectorfromperiodsofexcessaggregatecreditgrowth.Foranygivencountry,thisbufferwi11onIybeineffectwhenthereisexcesscreditgrowththatisresuItinginasystemwidebuildupofriskeThecountercyclicalbuffer,whenineffect,wouldbeintreducedasanextensionoftheconservationbufferrange.
ThesecapitalrequirementsaresuppIementedbyanon-risk-basedleverageratiothatwiIIserveasabackstoptotherisk-basedmeasuresdescribedabove.InJuly,GovernorsandHeadsofSupervisionagreedtotestaminimumTier1leverageratioof3%duringtheparalleirunperiod.Basedontheresultsoftheparalleirunperiod,anyfinaladjustmerrtswouldbecarriedoutinthefirsthalfof2017withaviewtomigratingtoaPillar1treatmenton1January2018basedonappropriatereviewandcalibration.
Systemica11yimportantbanksshouIdhaveIossabsorbingcapacitybeyondthestandardsannouncedtodayandworkcontinuesonthisissueintheFinancialStabiIityBoardandreIevantBaselCommitteeworkstreams.TheBaselCommitteeandtheFSBaredevelopingaweIIintegratedapproachtosystemica11yimportantfinancialinstitutionswhichcouIdincIudecombinationsofcapitaIsurcharges,contingentcapitaiandbail-indebt・Inaddition,workiscontinuingtostrengthenresolutionregimes.TheBaselCommitteealsorecentlyissuedaconsuItativedocumentProposaltoensurethelossabsorbencyofregulatorycapitaiatthepointofnon-viabiIity.GovernorsandHeadsofSupervisionendorsetheaimtostrengthenthelossabsorbencyofnon-commonTier1andTier2capitaiinstruments.
Transitionarrangements
Sincetheonsetofthecrisis,bankshavealreadyundertakensubstantiaIeffortstoraisetheircapitallevels.However,preliminaryresultsoftheCommittee1scomprehensivequantitativeimpactstudyshowthatasoftheendof2009,Iargebankswi11need,intheaggregate,asignificantamountofadditionaIcapitaltomeetthesenewrequirements.SmalIerbanks,whichareparticularlyimportantforIendingtotheSMEsector,forthemostpartalreadymeetthesehigherstandards.
TheGovernorsandHeadsofSupervisionalsoagreedontransitionalarrangementsforimpIementingthenewstandards.Thesewi11helpensurethatthebankingsectorcanmeetthehighercapitaIstandardsthroughreasonabIeearningsretentionandcapitairaising,whiIestillsupportingIendingtotheeconomy.Thetransitionalarrangements,whicharesummarisedinAnnex2,include:
NationaIimpIementationbymembercountrieswiIIbeginon1January2013.MembercountriesmusttranslatetherulesintonationaIlawsandregulationsbeforethisdate.Asof1January2013,bankswi11berequiredtomeetthefollowingnewminimumrequirementsinreIationtorisk-weightedassets(RWAs):
%commonequity/RWAs;
%Tier1capitaI/RWAs,and
%totalcapitaI/RWAs.
TheminimumcommonequityandTier1requirementswiIIbephasedinbetween1January2013and1January2015.On1January2013,theminimumcommonequityrequirementwi11risefromthecurrerrt2%levelto%•TheTier1capitalrequirementwi11risefrom4%to%•On1January2014,bankswi11havetomeeta4%minimumcommonequityrequirementandaTier1requirementof%•On1January2015,bankswi11havetomeetthe%commonequityandthe6%Tier1requirements.Thetotalcapitairequiremerrtremainsattheexistinglevelof%andsodoesnotneedtobephasedin.Thedifferencebetweenthetotalcapitairequirementof%andtheTier1requirementcanbemetwithTier2andhigherformsofcapitaL
Theregulatoryadjustments(iedeductionsandprudentialfiIters),includingamountsabovetheaggregate15%Iimitforinvestmentsinfinancialinstitutions,mortgageservicingrights,anddeferredtaxassetsfromtimingdifferences,wouldbefullydeductedfromcommonequityby1January2018.
Inparticular,theregulatoryadjustmentswiIIbeginat20%oftherequireddeductionsfromcommonequityon1January2014,40%on1January2015,60%on1January2016,80%on1January2017,andreach100%on1January2018.Duringthistransitionperiod,theremaindernotdeductedfromcommonequitywi11continuetobesubjecttoexistingnationaItreatments.
Thecapitaiconservationbufferwi11bephasedinbetween1January2016andyearend2018becomingfullyeffectiveon1January2019.Itwi11beginat%ofRWAson1January2016andincreaseeachsubsequerrtyearbyanadditionaIpercentagepoints,toreachitsfinallevelof%ofRWAson1January2019.CountriesthatexperienceexcessivecreditgrowthshouIdconsideracceleratingthebuiIdupofthecapitalconservationbufferandthecountercyclicalbuffer.Nationalauthoritieshavethediseretiontoimposeshortertransitionperiodsandshoulddosowhereappropriate.
Banksthatalreadymeettheminimumratiorequiremerrtduringthetransitionperiodbutremainbelowthe7%commonequitytarget(minimumplusconservationbuffer)shouldmaintainprudentearningsretentionpolicieswithaviewtomeetingtheconservationbufferassoonasreasonablypossible.
ExistingpubIicsectorcapitalinjectionswiIIbegrandfathereduntiI1January2018.CapitaiinstrumerrtsthatnolongerquaIifyasnon-commonequityTier1capitaiorTier2capitaiwi11bephasedoutovera10yearhorizonbeginning1January2013 CapitaiinstrumentsthatnolongerquaIifyascommonequityTier1wi11beexcIudedfromcommonequityTier1asof1January2013.However,instrumerrtsmeetingthefollowingthreeconditionswiIIbephasedoutoverthesamehorizondescribedinthepreviousbulletpoint: (1)theyareissuedbyanon-joirrtstockcompany1; (2)theyaretreateda
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