The European Banking Industry Committee (EBIC) has been following very closely the legislative process for the implementation of the finalised Basel III rules in the EU over the past years. As the adoption of the Banking Package is moving to a close, discussions over some issues such as the level of application of the Output Floor (OF) and the Fit & Proper (F&P) rules may cause delays in the availability of the final CRR-CRD text. It’s important for all stakeholders involved to create the conditions for a sound implementation of the banking package, in line with the Basel principles on effective risk data aggregation and reporting. Consequently, there should be enough time available for the authorities to finalise the critical deliverables before prudential reporting can start. Against this background, the current implementation deadline of 1 January 2025 needs to be postponed in order to give banks enough time to adopt the necessary changes after the CRR - CRD text has been published in the Official Journal of the EU
20 October 2023
EBIC calls for the postponement of the Basel III implementation date in the EU
EACB