Wary of the IRC

Basel II


The Basel II framework has some gaping holes, and the credit crisis has drummed that fact home. Risk managers horribly underestimated default, correlation and liquidity risks, while it became apparent the current value-at-risk based measure for assessing capital for the trading book did not capture all risks associated with complex securitised products.

The political pressure for regulatory reform after the financial turmoil began was intense, which meant the Basel Committee on Banking

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