Australian and New Zealand major banks are the best progressed in the Asia-Pacific region in terms of their Basel II implementation according to Gavin Gunning, director, Financial Services Ratings, however, there are still significant hurdles to overcome before Basel II is fully put into effect. Speaking at Standard & Poor's inaugural Financial Markets Conference in Sydney, Mr. Gunning said that while Australian and New Zealand banks are placed quite well in terms of their Basel II preparation, other countries in the Asia-Pacific region are not as advanced. "The Singapore banks seem to be making fairly quick progress regarding Basel development work and have aspirations to achieve the advanced IRB approach. While the concept of Basel is supported by most of...
Companies mentioned in this report are:
- Australia (Commonwealth of)
- National Australia Bank Ltd.
- New Zealand
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