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Russian banks discuss Basel II accord

An international banking conference is meeting in Russia this week to discuss the Basel II accord.

The bank forum is meeting in St Petersburg and plans to concentrate on issues surrounding effective sectoral regulation and oversight around the accord.

The meeting, which runs from June 7th to 10th, will also address new risk-based capital rules under the proposed Basel II accord, stability within the banking sector, according to RIA Novosti.

Key note speakers appearing at the conference include Russian central bank chairman, Sergei Ignatyev, CB First deputy chairman Andrei Kozlov, and St Petersburg governor Valentina Matviyenko.

The Basel II accord is an international banking effort to update the original international bank capital accord (Basel I), in effect from 1988. The current proposals were developed by the Basel Committee on Banking Supervision and are designed to boost the consistency of capital regulations and promote better risk-management practices.

A total of 13 countries were involved in drawing up the Basel II accord and Russia is due to start introducing aspects of the accord in 2008.