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Banks to soon complete Basel III international standards

Though there are currently no regulations that require the application of Basel III international banking standards, some banks have pioneered the implementation of the norms and are expected to complete the work soon.
Banks to soon complete Basel III international standards ảnh 1A transaction office of the Orient Commercial Joint Stock Bank (OCB) in Hanoi. (Photo: VNA)
Hanoi (VNS/VNA) - Though there are currently noregulations that require the application of Basel III international bankingstandards, some banks have pioneered the implementation of the norms and areexpected to complete the work soon.

Orient Commercial Joint Stock Bank (OCB) recently said it wasfocusing on implementing higher international standards of Basel III andexpected to complete it by the end of this year.

Previously, OCB was one of the banks that completed the application of Basel IIstandards on capital adequacy according to the State Bank of Vietnam (SBV)’sCircular 41/2016/TT-NHNN in December 2018, just after VietnamInternational Commercial Joint Stock Bank (VIB) and Commercial Joint Stock Bankfor Foreign Trade of Vietnam (Vietcombank).

In May 2022, Southeast Asia Commercial Joint Stock Bank (SeABank)also announced the results of the application of Basel III standards to thebank’s operations as well as risk management.

Previously, some banks began to carry out Basel III immediatelyafter their completion of Basel II. For example, Tien Phong Commercial Joint StockBank (TPBank) announced it completed all the requirements of Basel III at theend of 2021.

On February 2022, Nam A Commercial Joint Stock Bank(NamABank) also announced it would carry out and apply the risk managementrequirements under Basel III. This move was made after the bank was recognisedto comply with all Basel II standards.

VIB and Maritime Commercial Joint Stock Bank (MSB) have completedthe application of Basel III in liquidity management, operational riskmanagement, and market risk management.

Meanwhile, HCM City Development Commercial Joint Stock Bank(HDBank) has applied two liquidity ratios including the net stable fundingratio (NSFR) and liquidity coverage ratio (LCR) of Basel III standards.

Compliance with Basel standards is very important to banks in thecurrent context when the SBV will give priority to higher credit growth quotafor banks with abundant equity, high capital adequacy ratio (CAR) and good riskmanagement through the application of Basel II, Basel III and internationalfinancial reporting standards 9 (IFRS 9).

In addition, the application of Basel III also helps banks improvetheir credit rating and enhance their competitiveness in the internationalmarket.

Basel III is the third Basel Accord, a framework that setsinternational standards for bank capital adequacy, stress testing,and liquidity requirements. Augmenting and superseding parts of the BaselII standards, it was developed in response to the deficienciesin financial regulation revealed by the financial crisis of2007-2008. It is intended to strengthen bank capital requirements byincreasing minimum capital requirements, holdings of high quality liquidassets, and decreasing bank leverage.

Basel III was published by the Basel Committee on BankingSupervision in November 2010, and was scheduled to be introduced from 2013until 2015; however, implementation was extended repeatedly to January 1, 2022and then again until January 1, 2023, in the wake of the COVID-19pandemic./.



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