Hong Kong prepared for implementation with major financial capitals
Simon Topping, executive director of banking policy at the Hong Kong Monetary Authority (HKMA), has stated that Hong Kong will be ready to implement Basel II in tandem with London, Paris, Frankfurt and Tokyo. According to Topping, timely implementation will enhance the reputation of banking institutions and increase the stability of the banking sector.
Topping stressed that close collaboration with the industry guided the implementation approach, with emphasis on cost-effectiveness. He addressed fears of the high cost of implementation, saying the HKMA “developed a range of approaches so that there is an option that is suitable – and cost-effective - for every institution, from the smallest DTC to the largest internationally active bank”.
Topping also noted that most of the cost associated with Basel II is a necessary expenditure to upgrade
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