Since the Madrid meeting of the Basle Committee on Banking Supervision in October, a new realization has dawned on the senior managements of banks around Europe and the rest of the world. The Basle II accord will go ahead – having looked in doubt at various times this year – and the time is fast approaching when banks must move beyond arguments over complexity, pro-cyclicality and inappropriate incentives. They must start implementation.
Everyone agrees that the original Basle accord of 1988, with its very crude assessments of credit risks and associated capital requirements, urgently needs updating.
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