Basel II rules take effect in Singapore next month

Business News

Dec 14, 2007, 5:07 GMT

Singapore - The Basel II rules that seek to more closely link capital requirements with actual risks for banks take effect in Singapore on January 1, authorities said on Friday. The coutnry's central bank said it 'participated in an industry working group formed to develop requirements for disclosure and regulatory reporting.' Basel II, a global pact, was established in June 2004 for banks to have more stringent processes to assess their capital adequacy. Those with a higher risk profiles will have higher regulatory capital requirements. The Development Bank of Singapore, United Overseas Bank and Overseas-Chinese Banking Corporation are the local banking groups in the city-state. © 2007 dpa - Deutsche Presse-Agentur

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Basel II rules take effect in Singapore next month

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