Described as the most far-reaching and significant development in banking in fifteen years, the Basel II, an international accord, will be the focus of an intensive seminar organised by the Jamaica Institute of Bankers (JIOB) to examine its effects on the local financial sector.

Basel II, the shortened reference for the agreement on 'International Convergence of Capital Measurement and Capital Standards: A Revised Framework', speaks to the issues of capital adequacy and the management of risk.
In late June, central bank governors in the Group of 10 signed off on the new framework, which:

. sets out the details for adopting more risk-sensitive minimum capital requirements for banking organisations;

. lays out the principles for banks to assess the adequacy of their capital and for supervisors to review such assessments to ensure banks have adequate capital to support their risks; and

. seeks to strengthen market discipline by enhancing transparency in the banks' financial reporting.
The seminar scheduled for Thursday, will have Vinay Kumar of EDS Global Financial Services Industry as the main presenter.

The workshop will examine the strategic implications of the accord, the details of the new framework, impact on business, and the challenges it will present.

Said JIOB chair, Wayne Wray: "The new regime is due to be in place by December 2006 and will affect all banks and financial institutions."

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