Schedule for the fifth Quantitative Impact Study (QIS 5)

The Basel Committee on Banking Supervision re-discussed the schedules for national rule-making processes within member countries and decided to review the calibration of the revised Framework in spring 2006. The Committee believes that this earlier date for potential recalibration will provide banks with more time to reflect on the expected effects of the revised Framework and facilitate their implementation processes for Basel II. Should the information available at the time of such a review reveal that the Committee's objectives on overall capital would not be achieved, the Committee is prepared to take actions necessary to address the situation.

In order to ensure that the envisaged review is based on the most recent, high-quality data and to evaluate the impact of the new proposals for the recognition of double default and trading book-related issues, the Committee will undertake a fifth Quantitative Impact Study (QIS 5) between October and December 2005. This calibration study will start three months earlier than previously envisaged.

In countries in which a QIS 4 has been conducted, QIS 5 might be either a partial update of QIS 4 or a new exercise. To enable banks to make early preparations for the impact study, the Committee intends to provide banks with draft workbooks for QIS 5 in July 2005. The Consultative Document to be released in April 2005 will provide an overview of the expected data requirements resulting from the application of Basel II to trading activities and double default exposures.

Independent of the data required by national supervisors in the context of their respective approval processes, the calibration of the revised Framework will be discussed in spring 2006 on the basis of QIS 5 data. Therefore, the Committee does not intend to set data requirements or timeframes for the parallel calculation that will be conducted in 2006.