In 2010/2011, the Basel Committee on Banking Supervision agreed on new stronger global regulatory standards for capital adequacy, stress testing and market liquidity risks. These standards have generally been referred to as Basel III.
The European Union subsequently presented its proposals for a regulation and a directive based on these standards. The EEA EFTA States have now published a comment in which they recognise the importance of ensuring that the rules are applied across the Internal Market in a timely manner. They also express their concern, however, about the current Capital Requirement Directives being replaced by a directive and a regulation with one single standard for capital and liquidity requirements, as proposed by the EU.
The EEA EFTA States would like to remind the European Commission that the Basel Agreements have always set minimum capital requirements. Basel III is no exception, and should therefore enable countries to choose and set higher standards. The EEA EFTA States believe it is of the utmost importance that countries can decide upon sufficiently high capital requirements, provided that they are above the minimum requirements proposed by Basel III.
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