2  BIS central bankers’ speeches  regulators. But since this is a conference about Basel III, I’ll focus mainly on the work of the Basel Committee. Basel III is about applying the lessons learned from the crisis to the way we regulate banks. Its core is a revised set of standards for capital and liquidity.
On capital, the key elements are:   more and better-quality capital required to meet the basic minimum;    a capital conservation buffer that sets rules for managing capital above the minimum;    a time-varying countercyclical buffer, aimed at mitigating the effects of the credit cycle;    and an unweighted capital ratio (or “leverage ratio”) to act as a backstop to all of that.