Press Release: Capital adequacy: European Commission welcomes significant progress on new Basel Capital Accord

The European Commission welcomed the significant progress made by the Basel Committee on 10 July 2002 on the development of the New Basel Capital Accord for Internationally active banks and has called upon Member States to ensure full representation of their financial institution when gathering data on the impact of the proposed new framework. The current (1988) Basel Accord constitutes the international benchmark for capital adequacy and is agreed by the G-10 banking supervisors in the Committee on Banking Supervision of the Bank of International Settlements (known as the Basel Committee).

http://ec.europa.eu/comm/internal_market/en/finances/capitaladequacy/index.htm http://ec.europa.eu/comm/internal_market/en/finances/capitaladequacy/index.htm

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