At a recent meeting held in Madrid, the Basle committee decided to comply with several of the suggestions set forth by an overwhelming majority of industry participants. The meeting was held to address the approximate 200 public responses Basle received on its third consultative paper (CP3).

At the Madrid meeting the committee agreed on the importance of finalizing the document, in an expedient manner that is both technically and prudentially sound, in an effort to provide banks with clear guidelines as they prepare to adopt the new accord. And although it has pushed back the deadline for the final draft - as it originally intended on releasing the final document by the end of this year - the committee expects to release the final sometime in 2004. Members maintained that this delay would not impact the 2006 implementation deadline.

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