It should be noted that the shortfalls in the LCR and the NSFR are not additive, as decreasing the shortfall in one standard may also result in a decrease in the shortfall in the other standard. Since the end of 2009, banks have continued to raise their common equity capital levels through combinations of equity issuance and profit retention. The BIS offers a wide range of financial services to central banks and other official monetary authorities. Assuming banks were to make no changes to their liquidity risk profile or funding structure, as of end-2009: Banks have until 2015 to meet the LCR standard and until 2018 to meet the NSFR standard, which will reflect any revisions following each standard's observation period. The BIS facilitates dialogue, collaboration and information-sharing among central banks and other authorities that are responsible for promoting financial stability. No assumptions were made about banks' profitability or behavioural responses, such as changes in bank capital or balance sheet composition, since then or in the future. The updated report and a separate press release will be issued in the coming days. BIS statistics on the international financial system shed light on issues related to global financial stability. It also continues to review the role that contingent capital should play in the regulatory capital framework. In addition to providing guidance for national authorities, this document should help banks understand and anticipate the buffer decisions in the jurisdictions to which they have credit exposures. The average LCR for Group 1 banks was 83%; the average for Group 2 banks was 98%. The Committee also assessed the estimated impact of the liquidity standards. The Committee is introducing these changes in a manner that minimises the disruption to capital instruments that are currently outstanding. BIS research focuses on policy issues of core interest to the central bank and financial supervisory community. The BIS's mission is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks. Basel III: international regulatory framework for banks The Basel III reforms have now been integrated into the consolidated Basel Framework, which comprises all of the current and forthcoming standards of the Basel Committee on Banking Supervision. The Basel Committee issued today the Basel III rules text, which presents the details of global regulatory standards on bank capital adequacy and liquidity agreed by the Governors and Heads of Supervision, and endorsed by the G20 Leaders at their November Seoul summit. The transition period provides banks with ample time to move to the new standards in a manner consistent with a sound economic recovery, while raising the safeguards in the system against economic or financial shocks". In the coming days, the Committee will also issue a consultation paper on the capitalisation of bank exposures to central counterparties. Basel III (or the Third Basel Accord or Basel Standards) is a global, voluntary regulatory framework on bank capital adequacy, stress testing, and market liquidity risk. The BCBS was established in 1974 by the central bankFederal Reserve (the Fed)The Federal Reserve, more commonly referred to The Fed, is the central bank of the United States of America and is hence the supreme financial authority behind the world’s largest free market economy. With respect to the leverage ratio, the Committee will use the transition period to assess whether its proposed design and calibration is appropriate over a full credit cycle and for different types of business models. Group 2 banks with CET1 ratios less than 7% would have required an additional €25 billion; the sum of these banks' profits after tax and prior to distributions in 2009 was €20 billion. The Committee is conducting further work on systemic banks and contingent capital in close coordination with the FSB. Banks that are below the 100% required minimum thresholds can meet these standards by, for example, lengthening the term of their funding or restructuring business models which are most vulnerable to liquidity risk in periods of stress.