Resources for Basel II Capital Accord (Basel II)

EU's McCreevy to propose Basel II changes by Oct

www.reuters.com

European Union Internal Market Commissioner Charlie McCreevy will propose changes to newly introduced banking rules by October to reflect lessons from the current market crisis, one of his top officials said on Tuesday.

Basel II -- introduced in Europe this month as the capital requirements directive -- is a globally agreed set of rules to ensure that banks have set aside enough capital to cover risks on their books.

"We will bring forward amendments to the CRD no later than October this year," said David Wright, deputy director general of the European Commission's internal market division.

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