German banks plan op loss data consortium

VÖB-Service, a Bonn subsidiary of the German public-sector banking association, the Bundesverband Öffentlicher Banken Deutschlands (VÖB), is spearheading the project.Banks want to improve their op risk management ahead of the new international capital Accord on bank capital, Basel II, which will be implemented at the beginning of 2007. Basel II stipulates a capital charge for op risk. Both the standardised approach and the advanced measurement approach provided for by Basel II require banks