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The Basel 3.1 framework was developed by the Basel Committee on Banking Supervision (BCBS) in the wake of the 2007- 2009 Global Financial Crisis to strengthen the regulation, supervision and risk management of banks.
It will be implemented in the UK by 1 January 2025. UK Finance is working with member banks and the Prudential Regulation Authority to ensure that the international framework is introduced in the UK in a way that is proportionate, operationalisable and does not give rise to a material increase in capital requirements. Basel Committee on Banking Supervision (BCBS)
We support adherence to the BCBS international standards which is key to increasing the comparability of banks operating globally, but have noted a number of about the design of Basel 3.1 concerns including: