Press Release: Financial services: European Commission welcomes Basel Committee’s latest proposal for a New Basel Capital Accord

On 16.1.01, the European Commission welcomed the proposal by the Basel Committee on Banking Supervision for a New Capital Accord as a vital step in international efforts to ensure that the global banking system is based on safe and sound banking practices that ensure operational flexibility, free and fair competition, proper supervision and enhance consumer confidence. The Commission has been working for the last two years on a similar revision of existing European legislation that will establish a new capital framework applicable not only to internationally active banks, but to all credit institutions and investment firms incorporated in the European Union.

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