巴塞尔协议三中英对照.docx

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