US baulks (again) at Basel II
BOSTON -- A senior official from the US Office of the Comptroller of the Currency (OCC) called June’s final version of Basel II an “intermediate text” at the annual Risk USA congress in Boston.
“What is released at the end of June by the Basel Committee is not what we consider to be a final accord,” said Tommy Snow, director of capital policy at the OCC in Washington DC. “It’s not Basel II with a nice neat bow wrapped around it.” The document, which members of the Basel Committee on Banking Supervision worked on for six years, “kind of sums up where things stand so far, but we know that there could be some changes coming about”, he added.
The US regulators have not always
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