On 27 March, the Basel Committee on Banking Supervision (BCBS) announced the deferral of the implementation of the final Basel 3 package (also referred to as Basel 4) by one year to 2023 in response to COVID-19. How this affects the remaining Basel reforms? Is a oneyear deferral enough and, in the new reality, do they still make sense? In this newsletter we consider the most likely post-COVID scenarios for implementation of the remaining Basel reforms and what these might mean for financial institutions.
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