âThere is now a need for all involved in this process, including political leaders on both sides of the Atlantic, to work very closely together to meet the current Basel II implementation challenges,â Institute of International Finance (IIF) vice chairman Cees Maas said. The Washington-based IIF represents nearly 350 leading international financial institutions from more than 60 countries.
Maas, who is also vice chairman of the Dutch ING banking group, was addressing reporters at the IIFâs spring membership meeting in Zurich, hours before US supervisors were due later today to issue their delayed and revised Basel II plans.
Mees said outstanding issues range from the decisions on the regulatory capital levels that the Basel Committee on Banking Supervision, the architect of Basel II, will ultimately determine âto thorny problems of home-host and cross-border jurisdictional issuesâ.
âOur concerns are well understood by the regulators,â Mees said.
He added the IIF has had âvery active and constructive dialogueâ with the Basel Committee, the body of top banking supervisors from North America, Europe and Japan that in effect regulates international banking.