The final countdown

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The final version of the new Basel capital Accord – Basel II – is due for release in the fourth quarter. Years of discussion and debate, thousands of work-hours and huge investments in technology have brought the industry nearer to the goal of a truly risk-sensitive regulatory capital regime. But just when it started to look as if the controversies surrounding the Accord were starting to be resolved, the whole process was thrown into turmoil when US regulators announced in February that only

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