文档介绍：ImplicationsonmarketparticipantsBaselIIAgendaIntroductionBaselIIandRBCD(CAD3)essionStatesPracticalImplementationIssuesExecutivesummaryTheBaselIIisnotjustaregulatoryimperative,,BaselIIwillberealisedintheRiskBasedCapitalDirective(sometimescalledCAD3).:Pillar1-Minimumcapital–CreditandoperationalriskPillar2-SupervisoryreviewPillar3-Marketdiscipline/disclosureMutuallyreinforcingandinter-:thebasicsBaselIIvsRiskBasedCapital Directive(RBCD)Political:Basel’sBestPracticevsEULaw. FinancialSystem:CAD3willapplytoallbanksintheEUandtoinvestmentfirmsauthorisedundertheInvestmentServiceDirective(ISD)*. RegulatoryOversight:Concernsaboutnationalregulatordiscretionandtheintegrityofthesinglemarket. roups::StrictApproachtocapitalrequirementsatsolo,sub-groupandconsolidatedlevels. CreditRisk:PermanentpartialuseofFoundationIRB–:Therearefewer,differentandapparentlylessdemandingqualifyingcriteriafortheStandardisedApproachandtheAdvancedMeasurementApproaches(AMA),thanthosespecifiedbyBasel. 14StrategicImplications–BanksCapitalsavingsAimingtoaligntoeconomicriskmanagementFocusonratingsratherthanonregulatorycapitalSubstantialmarginalcostsavingsFundingFocusisnolongeronorigin(”OECD”),butonratingPenaltyforlowratedbankinvestmentsExpensesSpendshorttomediumterm–ebenefitsinthelongertermBut:processefficienciesandintegratedriskmanagementtobeachievedStrategicImplications–Banks(cont’d)petitiveintelligence(riskdifferentiation,customerselection,etc.)poundsdisadvantages(-rated)PossiblechangeinbusinessmixReputation(ratingsandanalysts)SettingindustrybenchmarksforsystemsandprocessesUncertainimplicationsonratings,butcannotbeignoredAcquisitionMarketconfidenceinbetterintegrationthroughbetterriskmanagementPricingadvantagedueto