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Basel III

Basel III is a set of international standards that are issued by the international standard setting body, Basel Committee on Banking Supervision (Basel Committee). These standards aim to make banks safer and address a number of issues that were identified during the financial crisis.

We are looking to implement the Basel III framework, in a way that is efficient and effective. The framework will work against a backdrop of international implementation and we would like to consult industry on this matter.

All major financial centres have committed to the implementation of Basel III and as a registered person under the Banking Law, it is anticipated that you will be subject to Basel III over the next few years.

What we are proposing

2025

12 August 2025

We have published a consultation on the further implementation of Basel III. Submit your feedback on our proposals regarding:

  • advanced approaches to credit risk and the output floor
  • systemic importance and the systemic buffer
  • the Net Stable Funding Ratio
  • the leverage ratio

Read our full Basel III Prudential Roadmap: Advanced approaches, systemic importance, the Net Stable Funding Ratio and the leverage ratio.

3 July 2025

We have published feedback on our Basel III Prudential Roadmap consultation, outlining your feedback to our proposals on the standardised approaches to credit risk (SACR), operational risk (SAOR) and large exposures.

Read our Basel III Prudential Roadmap: 2024 H2 feedback

2024

18 December 2024

In line with our Prudential Roadmap timeline, we have published a consultation and invite your feedback on our proposals to implement updates to:

  • the Standardised Approach to Credit Risk
  • the Standardised Approach to Operational Risk
  • Large Exposures regulations

Read our Basel III Prudential Roadmap: 2024 H2 consultation.

31 October 2024

On 31 October, we published near-final versions of the updated:

1 October 2024

This year, we have published two consultation papers on the implementation of Basel III in Jersey.

Industry feedback on both consultations was broadly positive. As a result, we will proceed with the Roadmap as set out.

Based on the feedback received on our quick wins consultation paper, we have revised our position on:

  • capital minima and the capital conservation buffer
  • liquidity coverage ratios
  • large exposures

Read our full feedback paper for details: Basel III feedback paper

25 April 2024

We have published a new consultation paper proposing the adoption of certain Basel III Framework elements outlined in our 2021 position paper, considering the feedback from 2021.

Basel III: immediate implementation (quick wins) consultation paper

Appendices A-1 to A-6 for this consultation

A-1 Draft Banking Code: Main Body, showing amendments

A-2 Prudential Reporting of Capital Ratios

A-3 Prudential Reporting of Liquidity Ratios

A-4 Prudential Reporting of Credit Risk under the Standardised Approach to Credit Risk

A-5 Draft Guidance Note “Pillar 2 in Jersey”, showing proposed amendments

A-6 Draft Guidance Note “Approval of Concession Limits for Governments and Connected Banks”, showing proposed amendments

25 March 2024

In our continued commitment to meeting international standards for prudential supervision, we have published our proposed roadmap for implementing the final set of Basel III reforms. A stable framework is important to support the provision of banking services to our island’s economy, consumers, and financial services providers.

Read our full roadmap and submit your feedback by 31 May 2024.

Basel III Prudential Roadmap

2021

We are asking banks, the Jersey Bankers Association and Jersey Finance for their opinions on the implementation of Basel III. Following the 2019 consultation, we have now outlined our current position and thinking on the framework and are gathering views before we officially undertake further consultation next year, ahead of implementing in 2023.

We are inviting comments and suggestions by 31 August 2021.

Position paper on Basel III Further Proposals 2021

2019

In 2019, we consulted on the further implementation of Basel III in Jersey following the implementation of capital quality and liquidity elements. This consultation addressed the framework by setting out a general solution for complex, lower impact aspects.

Consultation on Basel III no 7 2019

Consultation appendices

Appendices B to G for this consultation:

  1. Draft Interim Policy Statement on use of Advanced Approaches
  2. CRE20: Standardised Approach: individual exposures
  3. OPE25: Calculation of RWA for operational risk
  4. LEX: Large Exposures
  5. SCO50: Domestic systemically important banks
  6. RBC40: Systemically important bank buffers

An interim policy on use of the advanced approaches is proposed that would come into force imminently following the conclusion of the consultation.

For four other higher impact areas, we have set out initial proposals on the main aspects that it is intended and this would provide the basis for implementation, but only after further consultation on details of:

  • Standardised approach to credit risk
  • Standardised approach to operational risk
  • Large exposures
  • Systemic banks

Following this consultation, we will implement the interim policy on use of the advanced approaches and publish feedback.

In 2020 / 2021, we plan on carrying out further consultations​ but aim to implement the relevant requirements fully by the end of 2022.

Earlier Basel III papers

Tri-party discussion papers, issued jointly with Crown Dependency counterparts

Discussion papers

Earlier JFSC consultations