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The European Banking Authority (EBA) published its advice on the implementation of Basel III in the EU, which includes a quantitative analysis of the estimated impact based on data from 189 banks, and a set of policy recommendations. This work responds to a

Commission's call for advice. The impact assessment shows that the full implementation of Basel III, under conservative assumptions, will increase the minimum capital requirement (MRC) by 24.4% on average. This increase in capital requirements will imply an aggregate shortfall in total capital of about EUR 135.1 billion (EUR 91.1 billion in terms of common equity tier 1, CET1). The majority of the capital impact occurs in large globally active banks, while the impact on medium-sized banks is limited to 11.3% in terms of MRC, leading to a shortfall of EUR 0.9 billion, and on small banks to 5.5% MRC with a EUR 0.1 billion shortfall. The EBA supports the full implementation of the final Basel III standards, which will contribute to the credibility of the EU banking sector and ensure a well-functioning global banking market.

The EBA welcomes the improvements introduced in the final Basel III package. These include the introduction of a higher degree of risk sensitivity in the standardised approaches to measure credit and operational risks, and constraints to internal modelling by banks where undue variability of model outcomes was observed in the past. Overall, these reforms will increase financial stability, while at the same time allowing the continued use of risk-sensitive approaches.

The results of the quantitative analysis show that the impact of the full implementation of Basel III, including the discontinuation of EU-specific current policies such as the small and medium-sized enterprises (SME) supporting factor and credit valuation adjustment (CVA) exemptions, is diverse across banks. The weighted average increase in MRC is 24.4% for the entire sample, under conservative assumptions (table 1). However, the impact differs significantly across the sample.  For half of the banks in the sample, the impact is less than 10.6%, and it is negative for a quarter of the sample. The MRC increase for small banks is limited to 5.5%. The estimated total capital shortfall is about EUR 135.1 billion (EUR 91.1 billion in terms of CET1), and it is observed almost entirely among large banks (table 2). This estimated shortfall would reduce to EUR 58.7 billion if banks were to retain profits (based on 2014-18 data) throughout the transition period.