The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, met on 12 May 2025 and reaffirmed its commitment to fully and consistently implementing the Basel III reforms. The GHOS took stock of the implementation status of the outstanding Basel III reforms, which were finalised in 2017. Members have continued to make good progress with implementation. About 70% of member jurisdictions have now implemented, or will shortly implement the standards. GHOS members unanimously reaffirmed their expectation of implementing all aspects of the Basel III framework in full, consistently and as soon as possible. The series of shocks to financial markets over the past few years have highlighted the importance of having a prudent global regulatory framework in place. The GHOS tasked the committee with continuing to monitor and assess the full and consistent implementation of Basel III. The GHOS also took note of the committee’s ongoing analytical and supervisory work to assess whether specific features of the Basel Framework performed as intended during the 2023 banking turmoil, such as liquidity risk and interest rate risk in the banking book. Climate-related financial risks GHOS members discussed the committee’s proposed Pillar 3 disclosure framework for climate-related financial risks. The Basel Committee will publish a voluntary disclosure framework for jurisdictions to consider. The GHOS also discussed the committee’s broader work on climate-related financial risks. The GHOS tasked the committee with prioritising its work to analyse the impact of extreme weather events on financial risks. Re-disseminated by The Asian Banker
