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Oz banks preparing well for Basel II: KPMG

Oz banks preparing well for Basel II: KPMG

(Australia) - More than 30 percent of Australian banks have allocated a budget and 83 percent have started preparing for the onset of the Basel II regulatory changes, according to accounting firm KPMG. A KPMG survey of 11 Australian banks found that the Australian financial services sector is as prepared as any in the world for the changes, which are more than two years away.

The Basel II changes are aimed at aligning required capital more accurately with individual risk profiles of particular banks and deposit takers.

The KPMG survey confirmed that Australia's big four banks - NAB, CBA, ANZ and Westpac - will attempt to qualify for the advanced status that will allow them to rate their own risk internally, allowing them to hold less capital in reserve against loans.
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