HC Deb 13 February 2004 vol 418 c115W
Mr. Love

To ask the Chancellor of the Exchequer what research has been undertaken to estimate the impact of Basel 2 on(a) the UK lending industry and (b) those lenders with assets of less than £1 billion; and if he will make a statement. [155861]

Ruth Kelly

The new Basel Accord will be an international agreement on prudential capital, applying mainly to internationally active banks. Implementation of the new Basel Accord in Europe will be through a new Capital Adequacy Directive, which is expected to apply to all UK credit institutions and investment firms (as was the case for the implementation of the existing Basel Accord). The Treasury is currently consulting on the expected impact on all UK lenders ahead of a formal proposal from the European Commission expected later in the year.

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