It was rather busier in August than usual, as the
LIBOR story rumbled on, Basel III
faced delay, and anticipation grew of the announcement of
"banking union" as an accompaniment to
monetary union in Europe.
As usual this note is produced for information only, on a best
efforts basis, and does not constitute advice of any kind.
Capital (including stress testing)
The FSA issued a statement on CRD IV
implementation, saying that since the legislation would not be
adopted until autumn at the earliest, "it does not appear
feasible that the legislation can enter into force in line with the
implementation date of 1 January 2013". Even so, firms should
continue with their preparations, and build capital to protect
against the "currently heightened risk of losses".
Shortly afterwards the European banking associations wrote
to legislators to request "a reasonable period of time"
between finalization of the proposals and implementation, which
"cannot possibly be achieved
