A Lot Of Loose Ends And Not Much Time

BASLE, SWITZERLAND -- There's little surprise, but reactions still range from cautious approval to outright hostility. And all sides agree that some very big loose ends remain to be tied up on a very tight schedule.

International banking regulators confirmed in January that, from 2004, they would require major banks to reserve capital for the first time against operational risk -- that is against such hazards as fraud, computer failure, poor documentation and human error.

Most international

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