The Risk Professional: Basel III "treats sores not underlying disease."
An article in our sister publication BankingInsuranceSecurities.Com says that Basel III misses the point.
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The article written by Nigel Morris-Cotterill, Head, The Anti Money Laundering Network, the ultimate holding company of ChiefOfficers.Net, says that the new agreement, endorsed by US regulators the Federal Reserve, The Office of the Comptroller of the Currency and the Federal Deposit Indemnity Corporation, fails to deal with the root cause of the global financial crisis: that of poor risk management in domestic lending.
Basel III focusses on "large internationally active banks" and is designed to prevent contagion of the kind that led to the global financial crisis. But in allowing the USA's opt-outs of Basel II for its small and domestic banks to continue, there remains the potential for a further domestic crisis, Morris-Cotterill says.
Full article: here
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