UK banking bodies expect further revisions to Basel II op risk plans

British banking industry bodies said in December they continue to expect that the operational risk aspects of the proposed Basel II bank safety accord will be revised in the light of banking industry experience.

The British Bankers’ Association (BBA) and the London Investment Banking Association (LIBA) jointly told the Basel Committee on Banking Supervision that their members still have fundamental concerns about the op risk proposals of the Basel II accord. The BBA is the trade body for British and foreign banks based in the UK; LIBA represents firms in the investment banking and securities industry.

The Basel Committee, the architect of Basel II and the body that in effect regulates international