16  And we are now considering the  appropriate calibration of overall liquidity requirements, covering both Pillar 1 and Pillar 2. This analysis will inform a further consultation paper in due course. Importantly, the Bank is taking further steps to ensure the public can have confidence that banks in difficulty can be resolved without disruption to the provision of financial services to the economy. The Bank intends to consult at the end of this year on the details of a framework for assuring that banks are resolvable. 17  Implementation  Given the large number of reforms that have been agreed, it should not be surprising to hear that there remains quite a lot of implementation still to do. The reforms which finalise Basel III are due to be implemented between 2022 and 2027. The Bank supports a full, timely, and consistent implementation of these reforms. 18  As the Financial Policy Committee explained late last year, we remain committed to implementing robust prudential standards in the UK, irrespective of the particular form of the UK’s future relationship with the EU. 19  This will require maintaining a level of resilience as least as great as that currently planned, which  itself goes over and above what is required by international baseline standards. 16  Prudential Regulation Authority Statement of Policy, February 2018, https://www.bankofengland.co.uk/-/media/boe/files/prudentialregulation/statement-of-policy/2018/pillar-2-liquidity-sop.pdf?la=en&hash=2963466309B077C9E5FFD64EC4BBAABE26699FD7. 17 See the previously referenced speech by Jon Cunliffe, ‘Central clearing and resolution – learning some of the lessons of Lehmans’, 5 June 2018, https://www.bankofengland.co.uk/-/media/boe/files/speech/2018/central-clearing-and-resolution-learning-some-of-thelessons-of-lehmans-speech-by-jon-cunliffe.pdf?la=en&hash=954FF2E62AA3A5AB6ADCDEA88188FB6697F9B0CD.
These 4  proposals are in line with the Bank’s leverage ratio policy statement published in 2015 and the statement of 5  policy on the systemic risk buffer framework from 2016. These proposals mark the end of the policy development cycle on this flagship reform since the crisis. Complementing these domestic structural reform measures, policymakers both here and internationally have put in place resolution regimes to end too-big-to-fail. Jon Cunliffe has recently discussed developments in this policy area. 6  A lot has been said about the progress made through these international and domestic reform agendas in 7  strengthening financial resilience , so I will not dwell more on this topic here. Suffice to say that UK banks’ ratios of high-quality capital to risk-weighted assets are on average over ten percentage points higher than 2  UK banks’ assets are close to 400% of UK GDP. See ‘UK leverage ratio: applying the framework to systemic ring-fenced bodies and reflecting the systemic risk buffer, Prudential Regulation Authority Consultation Paper 14/18, https://www.bankofengland.co.uk/prudential-regulation/publication/2018/uk-leverageratio-applying-the-framework-to-systemic-rfbs-and-reflecting-the-srb. 4 See ‘Implementing a UK leverage ratio framework’, Prudential Regulation Authority Policy Statement PS27/15, https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/policystatement/2015/ps2715.pdf?la=en&hash=5DBB377CD051FA67D16BCA1662DBE696682AF56B. 5 See ‘The PRA’s approach to the implementation of the systemic risk buffer’, https://www.bankofengland.co.uk//media/boe/files/prudential-regulation/statement-of-policy/2016/the-pras-approach-to-the-implementation-of-the-systemic-risk-buffersop.pdf?la=en&hash=6954AC9765597EB5598414171D90C25982A144CE. 6 ‘Central clearing and resolution – learning some of the lessons of Lehmans’, 5 June 2018, https://www.bankofengland.co.uk//media/boe/files/speech/2018/central-clearing-and-resolution-learning-some-of-the-lessons-of-lehmans-speech-by-joncunliffe.pdf?la=en&hash=954FF2E62AA3A5AB6ADCDEA88188FB6697F9B0CD. 7 E.g., see ‘What a difference a decade makes’, a speech by Mark Carney, https://www.bankofengland.co.uk//media/boe/files/speech/2017/what-a-difference-a-decademakes.pdf?la=en&hash=CA8F77C4F518DCFB8C697C03704773370C82326D, ‘Ten years on: lessons from Northern Rock, a speech by Jon Cunliffe, https://www.bankofengland.co.uk/-/media/boe/files/speech/2017/ten-years-on-lessons-from-northernrock.pdf?la=en&hash=9543F1499C211A505206615DA86C8C88D7988365, ‘The revolution is over.