The Basel Committee on Banking Supervision has introduced additional measures (pdf) to
alleviate the impact of COVID-19 on the global banking system.
These measures, titled "Measures to reflect the impact of
Covid-19" (the "COVID-19 Measures") are intended to
ease or defer certain restrictions so as to facilitate lending to
the real economy and to increase the operational capacity of banks
and supervisors so that they may address urgent priorities
regarding financial stability. These changes have been received
positively by OSFI (Office of the Superintendent of Financial
Institutions).
These newly announced additional measures summarized below,
complement the earlier measures announced on March 27, 2020 which
either extend or defer the implementation date of the outstanding
Basel III standards by one year. With these extensions and
deferrals, the implementation date of the Basel III standards
(finalized in December 2017) is now January 1, 2023 with
accompanying
