Representatives of treasury associations world-wide met recently in Slovakia as the International Group of Treasury Associations (IGTA) discussed unintended consequences of the Basel reforms. While agreeing with the international regulators’ concern that banking activities require a more appropriate framework, the IGTA said that the proposed framework still contains procyclical elements, i.e. credit will be less available to corporates when they most need it. In addition, it noted the discrepancy between European and US compliance – Basel II will apply to all financial institutions within the EU whereas only 10 US banks will have to adopt the system; big countries like China or India have already turned down its application. The implementation at national level might turn out to be different from one country to another due to the complexity of the construction, said the IGTA, while also noting that the risk matrix for the standardised option does not invite corporates to get a rating.
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