The Basel Committee on Banking Supervision announced following a meeting of national banking regulators last week that consensus has been reached on an updated version of the 1988 Basel capital adequacy rules, dubbed 'Basel II'.
In a statement released last Tuesday, the Committee revealed that the text of the framework will be published at the end of next month, and will increase the required international capital standard for banks.
Speaking with regard to the proposed new rules, chairman of the Basel Committee and governor of the Bank of Spain, Jaime Caruana explained that:
"Basel II introduces a far more comprehensive framework for regulatory capital and risk management than we have ever known."
The agreement is set to be implemented on a staggered basis, starting at the end of 2006.
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