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Implementation Road Map

The Basel II & III Implementation Road Map provides a high-level summary of the Central Bank's plans around implementing Basel II and Basel III as appropriate to this jurisdiction. The implementation will be conducted in three overlapping phases with an anticipated full roll-out over a 30-month timeline. The formal program commenced in Q2 of 2013 and is expected to end Q4 of 2015, with live implementation to commence in Q1 of 2016.

The first phase which commenced in July 2013, will be primarily focused on the Pillar 1 Capital Measurement and Pillar 3 – Minimum Disclosure Requirements as well as amending the definition of Minimum Regulatory Capital in accordance with Basel III.

The second phase of implementation will start in Q1 of 2014 with the primary focus around Pillar 2 – Supervisory Review requirements. During this phase, the Central Bank will issue its framework on the Internal Capital Adequacy Assessment Process (ICAAP), which banks will be required to submit.

The third phase of the implementation program will commence Q3 2014 and it would involve work around key Basel III elements and the release of the final reporting forms and Guidelines, encompassing both frameworks.

As a part of this process, banks will undergo several quarters of parallel reporting, initially on a best efforts basis. It is intended that banks would have to demonstrate at least two quarters of clean data to confirm their readiness to migrate fully to the revised Basel capital reporting.