The Department of Finance is seeking views on the implementation of the Capital Requirements Directive VI which, together with the Capital Requirements Regulation III, finalises the implementation of the Basel Banking Standards in the European Union.

The internationally-agreed measures were developed by the Basel Committee on Banking Supervision (BCBS) in response to the financial crisis of 2007-09 and aim to strengthen the regulation, supervision and risk management of banks.

The European Commission published legislative proposals to bring the European banking regulatory framework in line with Basel requirements in October 2021.

The Capital Requirements Regulation III had an implementation date of 1 January 2025 and the Capital Requirements Directive VI has a transposition date of 10 January 2026.

“The purpose of this consultation process is to seek the views of the public on the discretions contained in the Capital Requirements Directive VI so as to inform the Minister’s decisions in the context of transposing the Directive,” the Department of Finance said.

The consultation will run until 14 February 2025.