2005 may seem a long way off, but next month banks will have to start work on their Basel II implementation strategy if they are to avoid falling behind. Preparing for a set of as-yet largely undefined provisions may seem tantamount to building a house on sand. Nonetheless, it is essential that banks lay firm foundations – setting up data collection and models, choosing a ratings-based approach from the three on offer, and checking that their IT systems are up to the task.
In 1988 the Basel C
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