Op risk capital charges to apply in expanded European Union

They were commenting on the view expressed by the Commission in mid-November that up to 10 countries could join the EU as early as 2004 in a ‘big bang’ enlargement of the current 15-nation union.

The EU’s third capital adequacy directive (CAD 3), which is closely modelled on the complex Basel II bank accord proposed for large international banks, would require all banks and investment firms within the European Union to set aside reserve capital to guard against operational risk from 2005.


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