“Full, timely and consistent implementation of Basel III remains fundamental to building a resilient financial system, maintaining public confidence in regulatory ratios and providing a level playing field for internationally active banks. This report updates G20 Finance Ministers and Central Bank Governors on progress in adoption of the Basel III regulatory reforms since the Basel Committee on Banking Supervision issued its October 2012 report. The scope of this update is broader than previous progress reports to the G20. In addition to reporting on the steps taken by Basel Committee member jurisdictions towards implementing the Basel III capital standards, which was the focus of the last report, this update also covers developments in other Basel III regulatory standards, and banks’ progress in bolstering their capital bases. The report also highlights specific implementation-related shortcomings that are surfacing, which require continued policy and operational attention.”