Basel II - Official texts
In September 1998, within three months of Bill McDonough,
president of the New York Fed, taking over the chairmanship, the
Basel Committee on Banking Supervision announced that they
planned to revise the 1988 capital accord. A sub-committee was
set up under Claes Norgren, director general of Sweden's
Finansinspektionen, to work on a new framework. The resulting
first draft was released in London in June 1999. It suggested a
new approach to capital requirements (the three
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