Resources for Basel II Capital Accord (Basel II)

EU securitised industry given January deadline

www.guardian.co.uk

The European Union's asset-backed securities industry has until January to come up with detailed proposals to improve transparency in the sector, a top European Commission official said on Monday. Complex securitised products are at the heart of the U.S. subprime mortgage crisis which triggered a credit squeeze in the summer and is expected to dent economic growth in Europe.
EU finance ministers aim to complete a review of much of the sector by mid-2008 and may intervene as part of a global effort to improve transparency.
"I urge you to come forward in January, and no later than January, with a comprehensive response to what ministers want," David Wright, the European Commission's head of financial services policy, said.
"Give me some good news by mid-January. We won't be able to wait any longer than that," Wright told a meeting of the European Securitisation Forum.

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