On 6 July 2021, the Basel Committee on Banking Supervision published a report that gives a preliminary assessment of the impact of the implemented Basel reforms during the COVID-19 pandemic as part of a broader review of their effectiveness.

Overall, the report finds that the increased quality and higher levels of capital and liquidity in the global banking system since the adoption of the Basel III reforms helped banks absorb the significant impact of the COVID-19 shock, suggesting that the reforms have achieved their broad objective of strengthening the resilience of the banking system. It also notes that throughout the pandemic, banks continued to lend and provide other critical services.