BOE to Delay Implementing Basel Banking Reforms by Six Months

By Miriam Mukuru

The Bank of England will delay the implementation of the Basel 3.1 global banking reforms in the U.K. to support companies in their planning processes, it said.

The BOE said Wednesday that the implementation date will start on July 1, 2025 and the transitional period has been reduced to four and a half years to ensure full implementation by Jan. 1, 2030.

The BOE said it plans "to publish the near-final policies on market risk, credit valuation adjustment risk, counterparty credit risk and operational risk in 4Q 2023." It said it would publish the remaining elements from the consultation paper on credit risk, the output floor, and reporting and disclosure requirements in the second quarter of 2024.

Write to Miriam Mukuru at [e-mail]

(END) Dow Jones Newswires

09-27-23 0747ET