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,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）theyreceiveunlimitedrecognitionaspartofTier1capitalundercurrentnational