McDonough staying with Basel II, Crockett leaving BIS
BASEL, SWITZERLAND - New York Federal Reserve Bank president William McDonough said in July he would continue as head of the group of global banking regulators drafting the controversial Basel II bank capital rules until the job was done.
McDonough told Reuters news agency he would remain chairman of the Basel Committee on Banking Supervision, the architect of Basel II and the body that in effect regulates international banking, at least until the fourth quarter of 2003.
That’s the time when the Basel Committee plans to issue its final version of the complex and risk-based accord so that it can come into force for major banks in late 2006.
McDonough made his comments after the Basel Committee’s quarterly meeting resolved the major
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