Resources for Basel II Capital Accord (Basel II)
European Banks call for smooth implementation of Basel II in the US
www.eubusiness.com At the first meeting of the Transatlantic Economic Council (TEC) held today in Washington, under the chairmanship of European Commission Vice-President Günter Verheugen and President Bush's economic policy adviser, Allan Hubbard, the European Banking Federation (EBF) asked the TEC Co-chairs to provide their full political support to an agreement that would allow for the mutual recognition of Basel II implementation in the EU and the US.
This request follows the recent announcement by the Federal Reserve Board on November, 2 that the final rules to implement the new risk-based capital requirements had been approved. Fed Chairman Bernanke himself declared that finalising this new rule actually meant the US were moving ahead with Basel implementation.
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