Q&A: Stefan Walter on Basel III, RWAs, 'anti-American' rules and CVA

After five years as secretary-general, Stefan Walter left the Basel Committee at the end of October. He accepts regulators had the wrong pre-crisis agenda, but argues Basel III puts things right. By Duncan Wood


Stefan Walter was appointed secretary-general of the Basel Committee on Banking Supervision in September 2006 – a few months after the appointment of Nout Wellink, then president of the Dutch central bank, as its chairman. Credit spreads were stable, liquidity was plentiful, the market for synthetic collateralised debt obligations was booming, and the committee had just spent six years developing the Basel II framework.

Walter says it was difficult, at that point, to imagine how rapidly things

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