US Supervisor confirms 11 "mandatory" banks

A top US supervisor has confirmed, in a conversation with a editor, that there are in fact 11 banks that have been told they will have to adopt the advanced credit and operational risk approaches under Basel II.

Previously, regulators had publicly said that there were 10 banks on the list, but this supervisor says that one bank was added at a fairly late stage in the drafting of the advance notice of proposed rulemaking, which was released in July.

The 11 banks are: Bank of America, Bank of New York, Bank One, Citigroup, Fleet Boston, JP Morgan, MBNA, State Street, Wachovia, Washington Mutual, and Wells Fargo.

These banks will be forced to implement the advanced internal ratings-based credit risk

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