Resources for Basel II Capital Accord (Basel II)

EU consults on tightening banking capital rules

www.reuters.com

The European Commission launched a public consultation on Wednesday into proposals to increase how much capital banks must set aside to cover risk as the global credit crunch uncovered loopholes in the system.

EU Internal Market Commissioner Charlie McCreevy has already announced that the EU's capital requirements directive (CRD) needs updating and will make formal proposals in October.

The directive, which enforces globally agreed standards known as Basel II in the 27-nation EU, came fully into force only in January but the U.S. subprime mortgage crisis has sparked calls for reform.

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