The requirements of the new accord, which was published in June 2004, serve to increase the stability of the international financial system by introducing more risk-sensitive minimum capital charges for exposures, expressly accounting for operational risks, reinforcing the role of financial market supervision and increasing market transparency.
In a parallel process, the European Union drew up a directive which pursues the same objectives and which will apply to all banks and investment firms in the EU once it has been implemented in the national legislation of Member States.
Basel II
The original Basel Accord is a credit risk framework introduced in 1988 with which the Basel Committee on Banking Supervision defined capital standards for international banks in member countries (G-10 countries). The objective was to limit the banks’ business risks by way of banking supervision, thereby strengthening the financial system. In order to meet the requirements of ongoing developments in banking, the Basel Committee began revising these requirements in 1999 and the new capital accord (hence referred to as "Basel II") will go into effect in 2007.
Basel II News
12. 12. 2006
The OeNB and the FMA provide the English version of their jointly published guidelines on operational risk management:
15. 3. 2006
The OeNB and the FMA provide the English version of their jointly published guidelines on capital allocation in banks:
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Guidelines on Bank-Wide Risk Management (1280 KB)
Internal Capital Adequacy Assessment Process
29. 9. 2005
The presentation of Mag. Andreas Ittner, Director of the Financial Institutions and Markets Section, concerning Operational Risk Aspects, as given during last September’s TACIS workshop in Moscow (in English and Russian language):
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Operational Risk Aspects (English) (1028 KB)
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Operational Risk Aspects (Russian) (1112 KB)