There are only minor shifts in the list of global systemically important banks for 2022 compared with the previous year. The allocation to the individual categories determines the higher capital buffer requirements from 2024.
The Financial Stability Board (FSB), published the list of global systemically important banks (G-SIBs) for 2022, using data from the end of 2021 for the new list. In addition, according to a media release, the assessment methodology revised in 2018 by the Basel Committee on Banking Supervision (BCBS) was applied for the first time.
Credit Suisse and UBS
The 30 banks on the list are the same as last year and include UBS and Credit Suisse. These global systemically important banks are divided into categories according to the required additional capital buffers. The FSB has also updated its interactive dashboard accordingly.
One bank has moved into a higher category, while two slipped into a lower category. Bank of America jumped from category 2 to 3, China Construction Bank went from 2 to 1, and BNP Paribas from 3 to 2. Credit Suisse and UBS are in category 1. The requirements for G-SIBs are higher in the sense that they are in addition to the minimum standards that apply to all internationally active banks under the Basel Committee's Core Principles.
Allocation Determines Requirements
The allocation of G-SIBs to categories determines the higher capital buffer requirements that will apply to each G-SIB from Jan. 1, 2024. A new list will be published in November 2023, according to the FSB.
The FSB was created in the aftermath of the 2009 financial crisis, with a mission to contribute to global financial stability. Members of the FSB include central banks, supervisory authorities, ministries of finance, and international organizations. The FSB Secretariat is based in Basel and housed at the Bank for International Settlements.
