Wednesday, October 15, 2008

Does this seem possible to you?

From the UK briefing at today's European Council meeting in Brussels we have what I can only call an oxymoron.
The Basel Committee should immediately set forth strengthened capital requirements for banks' securitisation activities to restore confidence and enable a market to be re-established. These new rules should be included in the amendment of the EU capital requirements directive

OK that is immediately, and amend a directive. So over here in Brussels immediate action trranslates at 'in 6 months time at best'.

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