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Basel 3.1. Survey Report

Implementation of Basel 3.1 in the UK

February 2024

The Basel III capital framework was developed by the Basel Committee on Banking Supervision in response to the global financial crisis of 2007-2008.

In the UK, the Prudential Regulation Authority published a consultation paper (CP16/22) in November 2022 on the implementation of the reforms (referred to as ‘Basel 3.1’), which are due to be implemented 1 July 2025.

With the deadline fast approaching, Deloitte reflected on the proposed changes with its clients and set up a survey to identify the key challenges of implementation of Basel 3.1 and the most significant impacts that firms are facing.

The focus of this report is UK firms’ preparation for Basel 3.1. This consists of the proposed changes in CP16/22, but not the first “near-final” policy statement since it was not published at the time the survey was completed.

This report presents findings based on the responses from 30 firms which represent institutions of different sizes, business models and use of internal model approaches.

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