TESTO INTEGRALE - Le regole di Basilea III

lunedì 13 settembre 2010 09:46

 Qui sotto in inglese l'accordo raggiunto tra autorità di
mercato e governatori sulle nuove regole di Basilea III, che
imporranno alle banche di rafforzare il loro patrimonio per
sostenere meglio gli shock finanziari.
 Group of Governors and Heads of Supervision announces higher
global minimum capital standards
 At its 12 September 2010 meeting, the Group of Governors and
Heads of Supervision, the oversight body of the Basel Committee
on Banking Supervision, announced a substantial strengthening
of existing capital requirements and fully endorsed the
agreements it reached on 26 July 2010. These capital reforms,
together with the introduction of a global liquidity standard,
deliver on the core of the global financial reform agenda and
will be presented to the Seoul G20 Leaders summit in November.
The Committee's package of reforms will increase the minimum
common equity requirement from 2% to 4.5%. In addition, banks
will be required to hold a capital conservation buffer of 2.5%
to withstand future periods of stress bringing the total common
equity requirements to 7%.
 This reinforces the stronger definition of capital agreed
by Governors and Heads of Supervision in July and the higher
capital requirements for trading, derivative and securitisation
activities to be introduced at the end of 2011.
 Mr Jean-Claude Trichet, President of the European Central
Bank and Chairman of the Group of Governors and Heads of
Supervision, said that "the agreements reached today are a
fundamental strengthening of global capital standards."
 He added that "their contribution to long term financial
stability and growth will be substantial. The transition
arrangements will enable banks to meet the new standards while
supporting the economic recovery." 
 Mr Nout Wellink, Chairman of the Basel Committee on Banking
Supervision and President of the Netherlands Bank, added that
"the combination of a much stronger definition of capital,
higher minimum requirements and the introduction of new capital
buffers will ensure that banks are better able to withstand
periods of economic and financial stress, therefore supporting
economic growth."
 Increased capital requirements Under the agreements reached
today, the minimum requirement for common equity, the highest
form of loss absorbing capital, will be raised from the current
2% level, before the application of regulatory adjustments, to
4.5% after the application of stricter adjustments. This will
be phased in by 1 January 2015. The Tier 1 capital requirement,
which includes common equity and other qualifying financial
instruments based on stricter criteria, will increase from 4%
to 6% over the same period. (Annex 1 summarises the new capital
 The Group of Governors and Heads of Supervision also agreed
that the capital conservation buffer above the regulatory
minimum requirement be calibrated at 2.5% and be met with
common equity, after the application of deductions. The purpose
of the conservation buffer is to ensure that banks maintain a
buffer of capital that can be used to absorb losses during
periods of financial and economic stress. While banks are
allowed to draw on the buffer during such periods of stress, the
closer their regulatory capital ratios approach the minimum
requirement, the greater the constraints on earnings
distributions. This framework will reinforce the objective of
sound supervision and bank governance and address the
collective action problem that has prevented some banks from
curtailing distributions such as discretionary bonuses and high
dividends, even in the face of deteriorating capital positions.
A countercyclical buffer within a range of 0% - 2.5% of
common equity or other fully loss absorbing capital will be
implemented according to national circumstances. The purpose of
the countercyclical buffer is to achieve the broader
macroprudential goal of protecting the banking sector from
periods of excess aggregate credit growth. For any given
country, this buffer will only be in effect when there is
excess credit growth that is resulting in a system wide build
up of risk. The countercyclical buffer, when in effect, would
be introduced as an extension of the conservation buffer range.
These capital requirements are supplemented by a
non-risk-based leverage ratio that will serve as a backstop to
the risk-based measures described above. In July, Governors and
Heads of Supervision agreed to test a minimum Tier 1 leverage
ratio of 3% during the parallel run period. Based on the
results of the parallel run period, any final adjustments would
be carried out in the first half of 2017 with a view to
migrating to a Pillar 1 treatment on 1 January 2018 based on
appropriate review and calibration.     
 Systemically important banks should have loss absorbing
capacity beyond the standards announced today and work
continues on this issue in the Financial Stability Board and
relevant Basel Committee work streams. The Basel Committee and
the FSB are developing a well integrated approach to
systemically important financial institutions which could
include combinations of capital surcharges, contingent capital
and bail-in debt. In addition, work is continuing to strengthen
resolution regimes. The Basel Committee also recently issued a
consultative document Proposal to ensure the loss absorbency of
regulatory capital at the point of non-viability. Governors and
Heads of Supervision endorse the aim to strengthen the loss
absorbency of non-common Tier 1 and Tier 2 capital instruments.
Transition arrangements
 Since the onset of the crisis, banks have already undertaken
substantial efforts to raise their capital levels. However,
preliminary results of the Committee's comprehensive
quantitative impact study show that as of the end of 2009,
large banks will need, in the aggregate, a significant amount
of additional capital to meet these new requirements. Smaller
banks, which are particularly important for lending to the SME
sector, for the most part already meet these higher standards.
 The Governors and Heads of Supervision also agreed on
transitional arrangements for implementing the new standards.
These will help ensure that the banking sector can meet the
higher capital standards through reasonable earnings retention
and capital raising, while still supporting lending to the
 The transitional arrangements, which are summarised in
Annex 2, include: 
 -- National implementation by member countries will begin on
1 January 2013. Member countries must translate the rules into
national laws and regulations before this date. As of 1 January
2013, banks will be required to meet the following new minimum
requirements in relation to risk-weighted assets (RWAs): 3.5%
common equity/RWAs; 4.5% Tier 1 capital/RWAs, and 8.0% total
capital/RWAs. The minimum common equity and Tier 1 requirements
will be phased in between 1 January 2013 and 1 January 2015. On
1 January 2013, the minimum common equity requirement will rise
from the current 2% level to 3.5%. The Tier 1 capital
requirement will rise from 4% to 4.5%. On 1 January 2014, banks
will have to meet a 4% minimum common equity requirement and a
Tier 1 requirement of 5.5%. On 1 January 2015, banks will have
to meet the 4.5% common equity and the 6% Tier 1 requirements.
The total capital requirement remains at the existing level of
8.0% and so does not need to be phased in. The difference
between the total capital requirement of 8.0% and the Tier 1
requirement can be met with Tier 2 and higher forms of capital.
-- The regulatory adjustments (ie deductions and prudential
filters), including amounts above the aggregate 15% limit for
investments in financial institutions, mortgage servicing
rights, and deferred tax assets from timing differences, would
be fully deducted from common equity by 1 January 2018.  
-- In particular, the regulatory adjustments will begin at
20% of the required deductions from common equity on 1 January
2014, 40% on 1 January 2015, 60% on 1 January 2016, 80% on 1
January 2017, and reach 100% on 1 January 2018. During this
transition period, the remainder not deducted from common
equity will continue to be subject to existing national
 -- The capital conservation buffer will be phased in between
1 January 2016 and year end 2018 becoming fully effective on 1
January 2019. It will begin at 0.625% of RWAs on 1 January 2016
and increase each subsequent year by an additional 0.625
percentage points, to reach its final level of 2.5% of RWAs on
1 January 2019. Countries that experience excessive credit
growth should consider accelerating the build up of the capital
conservation buffer and the countercyclical buffer. National
authorities have the discretion to impose shorter transition
periods and should do so where appropriate.  
 -- Banks that already meet the minimum ratio requirement
during the transition period but remain below the 7% common
equity target (minimum plus conservation buffer) should
maintain prudent earnings retention policies with a view to
meeting the conservation buffer as soon as reasonably possible.
-- Existing public sector capital injections will be
grandfathered until 1 January 2018. Capital instruments that no
longer qualify as non-common equity Tier 1 capital or Tier 2
capital will be phased out over a 10 year horizon beginning 1
January 2013. Fixing the base at the nominal amount of such
instruments outstanding on 1 January 2013, their recognition
will be capped at 90% from 1 January 2013, with the cap
reducing by 10 percentage points in each subsequent year. In
addition, instruments with an incentive to be redeemed will be
phased out at their effective maturity date.      
 -- Capital instruments that no longer qualify as common
equity Tier 1 will be excluded from common equity Tier 1 as of
1 January 2013. However, instruments meeting the following
three conditions will be phased out over the same horizon
described in the previous bullet point: (1) they are issued by
a non-joint stock company 1 ; (2) they are treated as equity
under the prevailing accounting standards; and (3) they receive
unlimited recognition as part of Tier 1 capital under current
national banking law.  
 -- Only those instruments issued before the date of this
press release should qualify for the above transition
arrangements. Phase-in arrangements for the leverage ratio were
announced in the 26 July 2010 press release of the Group of
Governors and Heads of Supervision. That is, the supervisory
monitoring period will commence 1 January 2011; the parallel
run period will commence 1 January 2013 and run until 1 January
2017; and disclosure of the leverage ratio and its components
will start 1 January 2015. Based on the results of the parallel
run period, any final adjustments will be carried out in the
first half of 2017 with a view to migrating to a Pillar 1
treatment on 1 January 2018 based on appropriate review and
 After an observation period beginning in 2011, the liquidity
coverage ratio (LCR) will be introduced on 1 January 2015. The
revised net stable funding ratio (NSFR) will move to a minimum
standard by 1 January 2018. The Committee will put in place
rigorous reporting processes to monitor the ratios during the
transition period and will continue to review the implications
of these standards for financial markets, credit extension and
economic growth, addressing unintended consequences as