Hawke 'Skeptical' on Basel Timetable

Comptroller of the Currency John Hawke says he is "skeptical" U.S. regulators will be able to adopt and implement the new international risk-based capital accord by the end of 2006 -- which is the current Basel Committee timetable."It is far more important to get the new accord right than to get it done on some predetermined schedule," the comptroller said in a speech to the American Academy in Berlin, Germany. Mr. Hawke pointed out that the Basel II RBC proposal does not "mesh well" with the traditional approach of bank supervision in the U.S. -- which is based on minimum capital standards and prompt corrective-action rules. "There is a staggering amount of work confronting both us and our banks before Basel II can be implemented," Mr. Hawke said. He also noted that the Basel Committee approach to securitization is "mind-numbing" and "so complex that the mere visual depiction of them has been cause for ridicule, which serves only to undermine public regard for the committee."