Does CP3 get it right?

The Basel Committee on Banking Supervision's third consultative paper raises several complex issues, not least of which is: will it work in practice?

In a March 2003 speech at the Centre for the Study of Financial Innovation in London, US Comptroller of the Currency1 John Hawke Jr offered his perspective on the ongoing revision of the Basel capital Accord in anticipation of the release of the Basel Committee on Banking Supervision’s third consultative paper (CP3). He voiced concerns regarding the complexity of Pillar 1, and questioned whether a highly detailed formulaic approach to capital regulation was the preferred method for

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