> Our Services > Basel II > Deadlines

The Basel Committee intends for the new framework to be available for implementation in member jurisdictions as of year-end 2006. The most advanced approaches to risk measurement will be available for implementation as of year-end 2007, in order to allow banks and supervisors to benefit from an additional year of impact analysis or parallel capital calculations under the existing and new rules.

The G10 governors and supervisors encouraged authorities in other jurisdictions to consider the readiness of their supervisory structures for the Basel II Framework and recommended that they proceed at their own pace, based on their own priorities.

The governors and supervisors also extended their thanks to all those who had contributed to the process to develop and strengthen the quality of the revised framework over the past six years and expressed appreciation for the leadership exercised by William McDonough and Jaime Caruana, the Committee’s prior and current chairmen, respectively. They indicated that the Basel Committee’s work benefited from the transparency and scale of the public consultations that took place both within the G10 countries and around the world, helping to make the new framework a global product. The governors and supervisors noted that the Basel Committee would continue to work in the spirit of openness and consultation in the future. Regular communication by the Committee of its future plans will enable the Committee and the industry to prioritise their work effectively.

This paper was open for comment until 31 October 2005.