EU politics make UK decisions difficult
Brussels -- Delays and shifting political sands are making it difficult for national regulators to get a clear view of the final shape of the operational risk portions of the capital adequacy directive (CAD), according to several UK banking industry sources. The CAD is supposed to be published shortly after the final Basel II document is issued in early June.
According to several sources, EU Commission officials are currently focusing their attention on discussions with treasury and finance ministry officials in various member states, rather than with the industry. Says one industry official: "The process has reached a point where the Commission is dealing with the organ grinders, not the monkeys. Or, as the FSA would probably put it, the politicians rather than the people who know what is going on technically."
This may be in part because the key
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