| Author (Corporate) | European Commission: Press and Communication Service |
|---|---|
| Series Title | Press Release |
| Series Details | IP/01/83 (23.1.01) |
| Publication Date | 23/01/2001 |
| Content Type | News |
|
On 23.1.01, the European Commission announced that it will launch very shortly a second round of consultations designed to help shape the final proposals for a new EU capital adequacy framework, in preparation since 1998. The Commission's work complements efforts by the Committee on Banking Supervision of the Bank of International Settlements (known as the Basel Committee) to introduce a similar framework for banks at the international level. The revision of existing EU legislation on bank capital, planned for the autumn of 2001 must ensure that European banks and investment firms are able to respond quickly to market change, operate flexibly and safeguard consistency and proper supervision for customers and consumers. The new rules must also pay due regard to the financing needs of small businesses. EU legislation must reflect the Basel process, but, because it will include investment firms, will be wider in scope and will differ in some detailed points to take account of the particular nature of the EU banking and investment environment. |
|
| Source Link | Link to Main Source http://europa.eu/rapid/pressReleasesAction.do?reference=IP/01/83&format=HTML&rapid=0&language=EN&guiLanguage=en |
| Related Links |
|
| Subject Categories | Internal Markets |
| Countries / Regions | Europe |
