Algorithmics has been selected as the risk data services and analytics provider for the Pan-European Credit Data Consortium (PECDC). The first cross-border industry data pooling initiative for credit risk, the PECDC currently has the participation of many European top 15 and several global top 10 banks. The consortium was established in response to the scarcity of timely and accurate historical loss and recovery data, required to satisfy the new Basel Accord on Regulatory Capital known as Basel II. The PECDC’s stated objective is to collect European-wide, or in some cases global, corporate loss and recovery data to assist member banks in completing their preparations for Basel II. Under the new decision Algorithmics will provide a suite of advice, tools and services relating to data pool design, source data collection, data-point validation, quality control and data normalization. PECDC member banks will benefit from time-series data pools relating to all Basel corporate exposure categories: large corporates, small medium enterprises, banks and specialized lending, including; shipping, aircraft and project finance. Michael Zerbs, president and chief operating officer at Algorithmics said: “The PECDC will set new standards for data pooling and the external validation of PD and LGD across the euro-zone.”
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