Caruana: 2006 implementation of Basel II still on target, despite difficulties

“The 1988 Accord was a blunt instrument that quickly fell behind the times,” said Caruana, speaking during a keynote address at Risk’s Credit Risk Summit USA 2003 in New York this morning. ”As many have pointed out [by way of complaint], the current proposals are much more sophisticated. But that’s the point,” he told conference delegates.

Most of the comment letters received during the recent consultation period focused on credit risk. In particular, the Basel Committee’s plan to include

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