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Credit Derivatives

 

Is it time for ‘Basel III’?

Created by : Gandhi Rajan, Sr. Associate, ICICI Securities  | 09 04 2008 21:09:17 +0000
Industry : Investment BankingFunctional Area : Derivatives(Markets)
Keywords : It Time BASEL Iii
Activity:  475 views;  last activity : 07 06 2010 20:18:09 +0000
Many banks already face so many risks that implementing Basel II as written will put them in a capital squeeze. They will either have to reduce risk by cutting back on lending, or sell more shares to give themselves a bigger capital buffer, or both. So the debate now is should we go for Basel III or not?
  
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We need a Basel III for a new order. We are probably having recession and food price inflation at the same time. That is what makes this different. This is a serious financial crisis of our lifetime. It is the end of an era. The Basel II agreement that governs how banks have to maintain capital is totally misconceived. It will have to be reworked and we need a Basel III for a new order.

By Gandhi Rajan, Sr. Associate, ICICI Securities  | 09 04 2008 21:09:17 +0000
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I think Basel II is fine. Basel II needs a fundamental rethink. That rethink must address the systemic issues that individual firms cannot, and recognize the homogenizing, pro-cyclical failings of consensus thinking. It may just be time for a Basel II to address each of the growing economic concerns, which will help in mitigating risk and formulating a robust financial regulatory environment conducive to non-volatile growth of the banking and financial services sector.
By Varun Sood, Associate, JP MorganChase  | 09 04 2008 21:09:53 +0000
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