McDonough speaks on QIS3 results, and US regulatory changes
"At this early stage, the results suggest that the incentives built into the New Accord are functioning as we had hoped," said William McDonough, president of the Federal Reserve Bank of New York and the head of the Basel Committee on Banking Supervision in a recent speech commenting on the third Quantitative Impact Study (QIS3).
In the speech, which was given to the US-based Bond Market Association’s 2003 Legal and Compliance Concerence, he also indicated that “the industry demonstrated support for this survey, and 265 banks from nearly 50 countries performed concrete and comprehensive
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