Fears over delays to EU directives
Brussels –- European industry association officials are becoming increasingly concerned about the European Commission's (EC) ability to finalise the legislative language for the Capital Adequacy Directive (CAD), as well as the Consolidated Banking Directive – the text that will implement Basel II within the EU.
Several sources say the proposed legislation is slated to be adopted by the EC on July 7. Adoption then is crucial because if the package misses this date, observers say it will not be able to be slotted back into the calendar for approval before September at the earliest. Pessimists say if it misses the July slot it would have to wait until November to be approved – meaning it would not be put in front of the European Parliament until early 2005.
At press time, the documents were in the throes
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