US 'fortunate' not to have implemented Basel II

The US was lucky not to have fully implemented Basel II ahead of the financial crisis, as it would have left the country's banks holding less capital than was needed and requiring more government intervention, a Federal Deposit Insurance Corporation (FDIC) official has claimed.

Speaking on August 20 during a webcast examining the future of Basel II in the wake of the financial crisis, Nancy Hunt, in charge of capital markets policy in the FDIC's division of supervision and consumer protection

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