On 15 December 2020, the European Banking Authority (EBA) published its updated ad-hoc impact study on the implementation of Basel III in the EU in response to the European Commission’s call for advice. The study is based on a sample of 99 banks and has a reference date of December 2019. Under the full implementation of Basel III and conservative assumptions, the updated impact is meaningfully lower than previously estimated, using June 2018 data and a consistent sample.  In addition, the report presents some qualitative reflections on the potential interactions between different elements of the Basel III framework and the estimated adverse impact of the COVID-19 pandemic. The EBA reaffirms its policy recommendations put forward in its previous advice and supports the full implementation of the final Basel III standards in the EU.