When the Bank for International Settlements’ (BIS) Basel Committee on Banking Supervision (BCBS) announced in March 2020 that it was pushing the Basel III deadline back by one year to January 1, 2023, due to the impact of the Covid-19 pandemic, it gave some welcome breathing space.
Most regulators followed suit to provide their financial institutions with extra time for implementation. In November 2021, the Bank of England’s Prudential Regulation Authority (PRA), for example, announced that it had postponed implementation until after March 2023, saying that its ability to meet the timeframe was impacted by the pandemic. The PRA later confirmed a target date of January 2025, in line with the deadline announced by the EU in October 2021.
