Top US and European regulators sought this week to reassure international banks that problems caused for them by different timetables for implementing the global Basel II bank safety rules are surmountable.
US Federal Reserve Board governor Susan Schmidt Bies said the federal banking supervisory agencies continue to work with banks and foreign supervisors to minimise difficulties in cross-border implementation.
Patrick Pearson, head of banking and financial conglomerates at the European Commission, the executive arm of the European Union, said the good news is that both the banking industry and its regulators are aware of the problems.
"There is a commitment to work through this and a solution will be found," Pearson said. He and Bies both addressed the same meeting yesterday in Geneva – the Risk Management 2005 conference organised by the ICBI group.
See full Article.
Posts
