At it's meeting on 13 and 14 December, the Basel Committee discussed progress on the implementation of the Basel 3 reforms. It expects that jurisdictions that have not yet published their final set of regulations will do so during 2013 and, despite missing the 1 January 2013 target, will meet the remaining phased-in transitional deadlines. Despite these delays, the Basel Committee welcomes the fact that national supervisors have already instructed internationally active banks to strengthen their capital base. (Source: Implementation of the Basel III Framework)