EU CAD: behind the smiles

Even though the legislative text implementing Basel II in Europe contains some fairly significant departures from the original framework, industry associations are keeping their powder dry for now.

Remarkably, nearly every industry association contacted for this article claimed to be happy with the EU Capital Adequacy Directive (EU CAD) as proposed, when asked to comment for attribution. "For the most part, we’ve got what we wanted," says Simon Hills, a policy director at the British Bankers