With a bang or a fizzle?
With the deadline having passed for submitting Basel II risk model applications to national regulators, Europe's financial institutions should be well on their way to compliance. But the reality is that many are still struggling to implement the new framework.
From this month, Basel II kicks off for real. Some European banks that have opted for the standardised and foundation internal ratings-based (IRB) approaches to credit risk will begin operating under the new framework, while those pursuing the advanced IRB approach will be putting the final touches in place for implementation in January 2008.
At least, that's the idea. When interviewed in the second week of December, the UK's Financial Services Authority (FSA) said it had received only a handful
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