After an upgrading of our banking supervisory framework which allowed us to implement Basel II as from March 2008, the Bank is now envisaging to implement Basel III. A consultative paper outlining the proposals of the Bank will be issued for consultation by the end of October 2012. Our banks have remained strong during the global financial crisis.
The higher capital requirements of the Basel III framework will further enhance their ability to function under conditions of stress and help protect depositors. •  The Deposit Insurance Scheme is currently in its final stages after a lengthy process which involved intensive consultation with the banking industry and study visits by our officers to other jurisdictions.