” The Office of Poofness “
POOF SAID
Greetings and Salutations,
As we see the matrix at work right now, the folk who control the purses are doing all they can to be in readiness and they are likewise reaffirming what we are saying the idea of a “freebie” and or a way to scarf up funds to the detriment of those you know are in need is just not going to be kosher any longer. The needs are growing by the week for those who do not have access to government funds or even jobs.
We can’t give you a timeline; but we can say that readiness is the high water mark of this project for all involved. Just rest assured all intent is to make it safe and secure that the funds get to those who have been waiting for them.
Love and Kisses,
Poof
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DID YOU KNOW?
Lost in the conversation lately is, “What happened to the Basel Accords, are they being used, how many countries and their financial institutions are compliant or at least striving to be compliant ?”
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The Basel Accords are a set of international banking regulations developed by the Basel Committee on Banking Supervision (BCBS) to enhance financial stability and strengthen risk management in the banking sector. These accords aimed to ensure global financial stability by reducing systemic risks and enhancing banks’ ability to absorb financial shocks. Keep in mind these proposed regulations are voluntary not mandatory.
The accords were first introduced through Basel 1 in 1988. Followed by Basel 2 in 2004 and Basel 3.5 (sometimes called Basel IV) that refers to the final revisions to Basel III, introduced by the Basel Committee on Banking Supervision (BCBS) in 2017. While not an entirely new framework, these changes significantly alter how banks calculate risk-weighted assets (RWA) and capital requirements, leading some to call it Basel IV due to its major impact.
Originally set for 2022, the Basel IV reforms were delayed due to C---D-19 and are now being gradually implemented, with full adoption expected by 2025 in many jurisdictions. As of March 2025, the implementation of Basel IV regulations varies across different jurisdictions, leading to differences in compliance time-lines among financial institutions, While Basel IV does not officially exist as a separate accord, its significant changes to Basel III justify its informal nickname.
While many global financial institutions and countries have agreed in principle to adapt the regulatory framework, many are still in the process. For example: the EU originally set a go-live date of January 1, 2025, for Basel IV. However, a partial delay has been announced, moving the implementation of certain components to January 1, 2026. Other elements, including changes to credit risk, operational risk, and the output floor,were implemented in January 2025. The UK has proposed implementing Basel 3.1 starting July 1, 2025, a shift from the original January 2025 deadline. The US federal banking regulators are preparing to finalize the Basel IV regulatory framework. While specific implementation dates are pending, the finalized rules are expected to impact US financial institutions in the near future. Canada, on the other hand, has been proactive in adopting Basel IV, with the Office of the Superintendent of Financial Institutions (OSFI) setting initial compliance deadlines for the second quarter of 2023, indicating that many Canadian banks are already aligning with Basel IV standards.
Given these staggered time-lines, the number of financial institutions currently compliant with Basel IV varies by region. In jurisdictions like Canada, where earlier deadlines were set, a significant number of banks have likely achieved compliance. In contrast, in regions with forthcoming deadlines, banks are actively working towards meeting the new standards but may not yet be fully compliant.
It’s important to note that while many financial institutions are striving to comply with Basel IV regulations, the exact number of compliant institutions globally is not readily available due to ongoing implementation processes and varying regional time-lines.
Considering that the adaptation of the Basel standards is a key element of the GCR implementation, it’s something to pay attention to.
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We have to think about the term “start”. What does it mean when we suggest the GCR has started? The Basel standards started in 1988 and are still being implemented. Think about how many years ago the GCR concept was introduced.and how long It’s been implementing. It’s hard to travel down a road when it’s being built. But once the barricades are down, we’ll all travel smoothly.
DJ
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Love and Kisses,
Team “Poofness”
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