The Basel Committee on Banking Supervision has urged G20 Finance Ministers to renew their commitment to the completion of the Basel III regulatory reforms that aim to improve the regulation, supervision and risk management within the banking sector.
(G20 is a group of 19 major economies and the European Union.)
The Basel III regulatory reforms must be implemented consistently, expeditiously and completely, the Basel committee said in a report released on Friday.
Full, timely and consistent implementation of Basel III remains fundamental to building a resilient financial system, maintaining public confidence in regulatory ratios and providing a level playing field for internationally active banks, the report has said.
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