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Carolyn Rogers interview in Boersen Zeitung

Carolyn Rogers, Secretary General of the Basel Committee on Banking Supervision, spoke to Bernd Neubacher and Tobias Fischer from Börsen-Zeitung about banking regulation in the light of Covid-19, climate change and financial innovation. The Basel Committee on Banking Supervision is shifting its focus to bank resilience and the challenges posed by digitalisation and climate-related financial risks following the end of regulatory reforms in the wake of the global financial crisis. In the context of Basel III, the work has focused on monitoring the implementation of the reforms. If necessary, however, the committee, composed of representatives of central banks and supervisory authorities worldwide, will react and consult on changes should the need arise, says Secretary General.

 

At the end of November, the Basel Committee’s supervisory body, the Group of Central Bank Governors and Heads of Supervision (GHOS), had declared the corresponding phase of tighter regulation of the financial industry, known as Basel III, to be over. The supervisory and regulatory relief already granted because of the Covid 19 crisis is only temporary in nature, Rogers affirms. In her opinion, further measures or postponements, as repeatedly demanded by the banks, are not necessary at this stage. The Basel Committee had in March, after Covid-19 was declared pandemic, given banks until 1 January 2023, an extra year, to implement the Basel III reforms.

Categories: Recommended Readings
Author: BIS