IIF comments on recent Basel announcement

The Institute of International Finance (IIF), a global association of financial institutions, issued a statement yesterday welcoming the proposals that the Basel Committee on Banking Supervision published the day before, but also noted that more work needed to be completed in several key areas.

“As we approach publication of the framework document, the members of the IIF place the highest priority on securing consistency on all key points of the New Accord as it is implemented in the major markets and on achieving simultaneity of international implementation,” said Daniel Bouton, chairman and chief executive officer of Société Générale and chairman of the IIF steering committee on regulatory capital. “With these objectives in mind, the steering committee understands the necessity