SARB has released this circular as an important reminder of the key milestones required in order to be fully compliant with the Capital Conservation Buffer (CCB) during the phase in period and, ultimately, on 1 January 2019.
In terms of Basel III timelines, application of the Capital Conservation Buffer (CCB) started on 1 January 2016 with full implementation expected to have been achieved by 2019.
In Banks Act Circular 4 of 2016, the South African Reserve Bank (SARB) is reiterating these timelines and the key aspects of the Basel III implementation of the CCB.
© 2021 KPMG Services Proprietary Limited, a South African company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved.