London: Timely and consistent implementation of Basel III norms, aimed at bolstering the resilience of banks, is essential to ensure a stable global banking system, a report prepared for the G-20 leaders said Monday.
The Basel Committee on Banking Supervision also urged G-20 leaders to call on jurisdictions to meet their Basel III commitments within the agreed timetable.
"... Full, timely and consistent implementation of Basel III among its members is essential for restoring confidence in the regulatory framework for banks and to help ensure a safe and stable global banking system," the committee said in the 'Report to G-20 Leaders on Basel III implementation'.
G-20 is an influential grouping of nations, including India, that is playing a key role in reviving the global economy post the financial meltdown.
In December 2010, the Basel Committee published Basel III -- a comprehensive set of reforms to raise the resilience of banks.
"Three countries - India, Japan and Saudi Arabia - have published final regulations necessary for implementing the Basel III package from January 1, 2013," it noted.
The report would be considered at the G-20 leaders summit to be held in Mexico this month.
"To date, significant progress has been made, but there are a number of countries that have missed the globally-agreed implementation dates for Basel II and 2.5 and where their ability to meet the Basel III implementation deadline of January 1, 2013 could prove a significant challenge," Chairman of the Committee Stefan Ingves said.
The Basel Committee on Banking Supervision, comprising representatives from 27 nations, provides a forum for regular cooperation on banking supervisory matters. The members come from India, Argentina, Australia, China, Germany and Japan, among others.
PTI
