Sep 11 attacks make Basel II more relevant

The Basel II accord, which will require major banks to set aside protective capital for the first time against operational hazards from late 2006, would not have prevented or minimised the effects of the September 11 attacks.

But companies would probably have been much more aware of the risks and have therefore prevented or mitigated them, says the paper, written by investment banking consultant Craig Kirkpatrick-Whitby.

The probability of such a disaster increased after September 11, but more

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