Complex issues must be resolved before Basel II can be implemented, says US regulator

Although the US remains committed to completing work on Basel II by mid-2004, many complex issues must be resolved before the new capital Accord can be implemented, according to John Hawke, the US Comptroller of the Currency.

In a speech to the American Academy on December 15, Hawke said there was a staggering amount of work confronting the regulators and banks before Basel II could be implemented.

“I am absolutely confident, based on past experience, that as we move into the implementation phase, we will uncover a myriad of issues not previously thought of or addressed. It is far more important to get the new Accord right than to get it done on some predetermined schedule,” he said.

He also noted that there was

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