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The Pillars of Basel II and the Banks Amendment Bill, 2007
Thursday, August 02, 2007
The Banks Amendment Bill, 2007 ("the Bill") has been introduced to provide statutory force to the international strategic drive to further strengthen the credibility and stability of the international banking system. The amendments to the Banks Act, 1990 (‘the Act”) have been necessitated by important revisions to the Framework on International Convergence of Capital Measurement and Capital Standards (“Basel II”) or (“the revised Framework”) published by the Basel Committee on Banking Supervision (BCBS) on 26 June 2004. Only the proposed amendments to the Bill as they relate to the implementation of Basel II will be considered and other technical changes necessitated by developments in the banking industry or to clarify certain provisions in the Act fall outside the scope of this discussion.
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