On 5 October 2023, the Basel Committee on Banking Supervision published a report on the 2023 banking turmoil.
The report assesses the causes of the banking turmoil, the regulatory and supervisory responses and the initial lessons learnt.
Drawing on the findings of this report, the Basel Committee is pursuing a series of follow-up initiatives including:
- Prioritising work to strengthen supervisory effectiveness and identify issues that could merit additional guidance at a global level.
- Pursuing additional follow-up analytical work based on empirical evidence to assess whether specific features of the Basel Framework performed as intended during the turmoil, such as liquidity risk and interest rate risk in the banking book and assessing the need to explore policy options over the medium term.
Furthermore, the Basel Committee has:
- Approved the results of the annual assessment exercise for global systemically important banks (G-SIBs). The results will be submitted to the Financial Stability Board before it publishes the 2023 list of G-SIBs.
- Agreed to consult on a Pillar 3 disclosure framework for bank exposures to climate-related financial risks. It will publish a consultation paper on the proposed framework by November.
- Agreed to consult on a set of disclosure requirements related to banks’ crypto asset exposures. These disclosures would complement the prudential standard for such exposures that was published in December 2022. The consultation paper will be published soon.
- Will publish, by the middle of next year, a report on developments in the digitalisation of finance and their implications for banks and supervisors.