Joint PRA and HMT statement on the delay to implementation of the Basel 3.1 standards

HM Treasury and the PRA welcome the announcement made on 27 March by the Group of Central Bank Governors and Heads of Supervision (GHOS), delaying the implementation of the Basel 3.1 standards by one year. This will provide operational capacity for banks and supervisors to respond to the immediate financial stability priorities from the impact of Covid-19. We remain committed to the full, timely and consistent implementation of the Basel 3.1 standards and we will work together towards a UK implementation timetable that is consistent with the one year delay.