Korea and Singapore set the pace

The race to implement Basel II guidelines is heating up, as banks in Korea and Singapore sprint to hit their 2008 deadlines. With most effort focused on pillar 1, what has been done in respect of pillars 2 and 3? Pamela Tang reports

It is no secret that banks globally are facing delays in their adoption of Basel II guidelines, with most still continuing to focus on pillar 1 requirements despite the imminent implementation dates for the accord. In Singapore and Korea - two of the few jurisdictions in the region that are close to being pillar 1-compliant - the million-dollar question now is whether banks are ready for pillar 2.

And while pillar 1 has led to a fundamental shift in the way banks look at risk, pillar 2 is