Report on the 2023 banking turmoil

The banking turmoil that started in March 2023 is the most significant system-wide banking stress since the Great Financial Crisis (GFC) in terms of scale and scope. The bank failures, while having largely distinct causes, triggered a broader crisis of confidence in the resilience of banks, banking systems and financial markets across multiple jurisdictions. In response, wide-scale public support measures were deployed by some jurisdictions to mitigate the impact of the stress.

Against that backdrop, the Committee undertook a stocktake of the regulatory and supervisory implications of the turmoil in a timely and thorough manner, with a view to learning lessons.

This report provides an assessment of the causes of the banking turmoil, the regulatory and supervisory responses, and the initial lessons learnt. The discussion is not an indication of planned revisions to the Basel Framework.