The European Commission said the new rules proposed by the Basel Committee will be applied in the European Union taking into account "specificities" of the bloc's banking sector.
"Today's endorsement of the Basel III reforms represents a major milestone that will make the capital framework more robust and improve confidence in banking systems", Mario Draghi, chairman of the Group of Central Bank Governors and Heads of Supervision and president of the European Central Bank, said in a statement.
They include compromises on how regulators treat the risks banks run from their lending business, from financial market activities and from "operational risks" ranging from human error to acts of God.
FBI Director Christopher Wray Testifies Before House Judiciary Committee
Democrats, however, sought to focus on Trump's comments and actions, and the actions of members of his campaign previous year . The senior Democrat on the committee, Rep.
The committee rules, dubbed Basel III, have been an ongoing global response to the 2007-2009 financial crisis. According to Bloomberg News, the final phase of Basel III is focused on the statistical models that banks use to measure their risk of losing money on investments, part of determining their capital requirements. The financial crisis was the prelude to the Great Recession.
The first set of Basel III rules were published in 2010. They also wanted to address the wide variability of results across banks, which raised concerns that lenders were gaming the rules. This means a bank's internally modelled risk-weighted assets can not be less than 72.5 percent of their value using the standard approach established by regulators. That new standard takes effect from January 1, 2022.
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