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• W3122093814 abstract "INTRODUCTION It is a great pleasure for me to be here and to participate in the discussion of the future of capital adequacy regulation. I would like to compliment the organizers of this conference on the programme they have set up, covering many relevant topics, and the range of experts they have been able to bring together. In my address, as I am sure you would expect, I will approach the issues from a supervisory perspective and in my capacity as chairman of the Basle Committee. Most of the questions that have arisen and been discussed here in the last two days are complicated, and many issues will require careful review. So do not at this stage expect me to provide clear answers on specifics. I do hope to be fairly explicit, however, on some of the more general issues at stake, in particular on the level of capital adequacy required for prudential purposes. In other words, my address today should be seen as part of the exploratory process that should precede any potentially major undertaking. STARTING POINT: THE BASLE ACCORD When assessing the setup of capital regulation, I take as my starting point the Basle Capital Accord of 1988. It is commonly acknowledged that the Accord has made a major contribution to international bank regulation and supervision. The Accord has helped to reverse a prolonged downward tendency in international banks' capital adequacy into an upward trend in this decade. This development has been supported by the increased attention paid by financial markets to banks' capital adequacy. Also, the Accord has effectively contributed to enhanced market transparency, to international harmonization of capital standards, and thus, importantly, to a level playing field within the Group of Ten (G-10) countries and elsewhere. Indeed, virtually all non-G-10 countries with international banks of significance have introduced, or are in the process of introducing, arrangements similar to those laid down in the Accord. These are achievements that need to be preserved. It is often said that the Accord was designed for a stylized (or simplified) version of the banking industry at the end of the 1980s and that it tends to be somewhat rigid in nature-.elements, by the way, that have enabled it to be widely applicable and that have contributed to greater harmonization. Since 1988, on the other hand, banking and financial markets have changed considerably. A fairly recent trend, but one that clearly stands out, is the rapid advances in credit risk measurement and credit risk management techniques, particularly in the United States and in some other industrialized countries. Credit scoring, for example, is becoming more common among banks. Some of the largest and most sophisticated banks have developed credit risk models for internal or customer use. Asset securitization, already widespread in U.S. capital markets, is growing markedly elsewhere, and the same is true for the credit derivative markets. Moreover, one of the advantages of the Capital Accord, its simplicity through a small number of risk buckets, is increasingly criticized. Against this background, market participants claim that the Basle Accord is no longer up-to-date and needs to be modified. As a general response, let me point out that the Basle Accord is not a static framework but is being developed and improved continuously. The best example is, of course, the amendment of January 1996 to introduce capital charges for market risk, including the recognition of proprietary in-house models upon the industry's request. The Basle Committee neither ignores market participants' comments on the Accord nor denies that there may be potential for improvement. More specifically, the Committee is aware that the current treatment of credit risk needs to be revisited so as to modify and improve the Accord, where necessary, in order to maintain its effectiveness. The same may be true for other risks, but let me first go into credit risk. …" @default.
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• W3122093814 date "1998-01-01" @default.
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• W3122093814 title "Capital Regulation: The Road Ahead" @default.
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