The subject I was asked to speak on namely “Basel II and its Impact on Financial Services is a complex one and I wish to state from the outset that the implementation of Basel II remains very much “work in progress”.
Briefly, the Basel Committee on Banking Supervision (“the Committee”) issued a Revised Capital Adequacy framework which is widely called Basel II in June 2004. This framework has been endorsed by the Central Bank Governors and Heads of Banking Supervision of the G-10 countries.