Resources for Basel II Capital Accord (Basel II)

Banks move forward with Basel II

news.ninemsn.com.au

Several Australian and New Zealand banks will be able to start reducing the capital they hold to protect against lending losses from the start of the new year after receiving high-level accreditation under new rules, regulators said Monday.

In a statement, The Australian Prudential Regulation Authority said it has given "advanced" approval to Commonwealth Bank of Australia , Westpac Banking Corp. and Australian & New Zealand Banking Group Ltd. under the Basel II Capital Accord.

National Australia Bank Ltd. , the country's biggest lender by assets, will remain on the old Basel I system in 2008, following a request from the company, APRA said. Macquarie Bank Ltd. has been granted foundation status, it said.

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