The Basel Committee announced earlier this month that it was delaying final implementation of its Capital Accord by one year.

Instead of the 2005 implementation deadline, market participants will now have until year-end 2006. The new schedule outlines a revised timetable where the committee expects the completion of the third quarter quantative impact survey by the end of this year. It expects to issue its second consultative paper by the spring 2003 and, by fourth-quarter 2003, expects the new accord to be finished.

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