UK lags Europe for Basel II implementation

BRUSSELS - The UK financial services sector lags most of Europe in its state of preparedness for the implementation of the proposed new Basel capital accord for internationally active banks, dubbed Basel II, according to research by professional services firm KPMG.

"Most UK banks certainly appear to be towards the back of the queue," claimed KPMG, in a survey of 154 institutions in thirteen countries across the world.

KPMG said 100% of respondents in some European countries had started both their credit and operational risk projects in preparation for Basel II. But for the UK this figure was only 63% for credit risk, and 50% for operational risk.

KPMG ranked the UK sixth out of seven countries in Europe for credit risk, and fifth out of seven for

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