The Financial Supervisory Service announced that Governor Bokhyun Lee attended the Group of Governors and Heads of Supervision (GHOS) meeting of the Basel Committee on Banking Supervision (BCBS) held in Basel, Switzerland, on May 12.
According to the Financial Supervisory Service, the meeting discussed the implementation status of Basel III, a regulatory framework aimed at strengthening capital adequacy in the financial sector, as well as future directions for addressing climate risk. Participants reviewed the progress of Basel III implementation in member countries since the final version of the regulations was confirmed in 2017 and assessed that steady progress is being made across countries.
Reflecting the diverse positions and opinions of member countries regarding banks' climate risk disclosures, the Basel Committee plans to announce a regulatory framework for climate risk disclosures that will allow for voluntary implementation in the future. In addition, the Basel Committee intends to focus its efforts on analyzing the impact of extreme climate events on the financial system.
Meanwhile, Governor Lee held talks with Mahendra Siregar, Chairman of the Indonesian Financial Services Authority, to discuss financial supervisory issues between the two countries. He conveyed the strong interest and commitment of Korean financial companies to expand their presence in the Indonesian financial market and requested continued attention and support from the Indonesian Financial Services Authority.
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