The top standard-setting body for global banking has delayed the introduction of new guidelines designed to make the industry more secure, in order to allow companies to focus on the immediate threats posed by the coronavirus pandemic.

The Basel Committee on Banking Supervision’s oversight body, which includes central bank governors, said on 27 March it would push back the implementation dates for its Basel III standards, revised market risk framework and revised Pillar 3 disclosure requirements by one year, to January 2023.