On December 16, 2010, the Basel Committee on Banking Supervision (Committee) released the final text of the Basel III package of capital and liquidity reforms, which were originally proposed in December 2009, were modified and elaborated upon in subsequent releases in July and September 2010, and were endorsed by the G20 leaders in November 2010. Because most of the key elements of the Basel III package had been agreed upon and announced prior to release of the final text (including the new minimum capital requirements and phase-in arrangements announced in September), the release is in many respects anti-climactic.

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