The Bank for International Settlements reported that the Group of Central Bank Governors and Heads of Supervision (GHOS) unanimously reaffirmed its expectation that jurisdictions implement Basel III in full, consistently and as soon as possible, and supported further work on climate-related financial risks. GHOS also backed publication of a voluntary Pillar 3 disclosure framework on climate-related financial risks for jurisdictions to consider and asked the Basel Committee to prioritise analysis of the financial risk implications of extreme weather events. GHOS reviewed progress on the outstanding Basel III reforms finalised in 2017, noting that about 70% of member jurisdictions have implemented the standards or will do so shortly, and tasked the Basel Committee with continuing to monitor and assess full and consistent implementation. Members also took note of the Committee’s ongoing analytical and supervisory work on whether elements of the Basel Framework performed as intended during the 2023 banking turmoil, including liquidity risk and interest rate risk in the banking book.
Bank for International Settlements 2025-05-12
Bank for International Settlements GHOS reaffirms expectation of full Basel III implementation and advances work on climate risk disclosures
The Bank for International Settlements announced that the Group of Central Bank Governors and Heads of Supervision (GHOS) reaffirmed the expectation for full implementation of Basel III and supported work on climate-related financial risks. GHOS endorsed a voluntary Pillar 3 disclosure framework for climate risks and tasked the Basel Committee with analyzing financial risks from extreme weather events. Progress on Basel III reforms was reviewed, with 70% of jurisdictions implementing or nearing implementation, and the Basel Committee was asked to continue monitoring these efforts.