BCBS Publishes Assessments on Argentina and Korea

Both countries largely successful in implementing standards

bis-tower-basel
Basel, Switzerland headquarters of the Basel Committee, which has issued new compliance assessments

Argentina and Korea have been largely successful in their implementation of Basel rules, the Basel Committee on Banking Supervision (BCBS) has found in assessments.

The results of these assessments have now been published in reports that form part of a series on committee members' implementation of the Basel risk-based capital framework and the liquidity coverage ratio (LCR).

The committee's Regulatory Consistency Assessment Program assesses the consistency and completeness of a jurisdiction's adopted standards and the significance of any deviations from the regulatory framework.

Overall, the assessment outcomes for both Argentina and Korea are positive. In some aspects, domestic rules in both countries are even more rigorous than required under the Basel framework, the BCBS says.

Argentina's domestic implementation of the framework was found to be "compliant" with the Basel standards. A compliant assessment grade is the highest of the four possible grades.

Korea was found to be overall "largely compliant" with the Basel standards, reflecting the fact that most but not all provisions of the Basel standards are satisfied. A "largely compliant" assessment grade is one notch below the highest possible grade.

In carrying out the reviews of Argentina and Korea, the assessment teams held discussions with senior officials and technical staff of the Central Bank of Argentina and the Financial Supervisory Service of Korea. The teams also met with a select group of banks in both countries.

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