The Germans are at it again. Amid a big diplomatic punch-up, the Basle Committee on Banking Supervision failed to release its long-awaited consultation paper on credit risk control and capital adequacy on April 9.
According to peeved participants and observers, this is mainly because German representatives in Basle are determined to protect the special interests of their mortgage banks. As a source at Britain’s Financial Services Authority says: “It was a very sticky sticking point.” To get the Basle process moving again will take bilateral talks between the US and the Germans.
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