However, successful implementation of Basel II in the United States will require that supervisors and bankers maintain a productive dialogue, given that both sides must complete a substantial amount of work between now and adoption in January 2008.
Right now, the U.S. banking and thrift agencies are engaged in a concerted effort to deliver by mid-2005 their latest proposals for U.S. implementation of Basel II, which include a notice of proposed rulemaking (NPR) and release of additional draft supervisory guidance. These come on the heels of a recent statement outlining the agencies’ expectations for the Basel II qualification process.