TESTO INTEGRALE - Le regole di Basilea III

lunedì 13 settembre 2010 09:48

 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