The BSA has responded to HMT's consultation on the timing of Basel 3.1 implementation and the treatment of covered bonds. 

We have supported the delay of the market risk components of the Basel 3.1 package in order that the PRA can implement the other Basel 3.1 components on credit and operational risk on 1 Jan 2025 at the same time as implementing SDDT on the same date.

We have also supported the proposals to use the Overseas Prudential Requirements Regime to recognise holdings of non-UK covered bonds as qualifying for HQLA.