GFMA is cautioning the Basel Committee on Banking Supervision to take time to ensure revisions to the Basel Accord, particularly rules on liquidity and capital, would have the intended effects. "We agree there is a need for change and understand the motivation behind the proposed timetable, but we are also aware that these rules are going to shape the financial landscape for many years to come," said GFMA CEO Timothy Ryan. "It is more important to get them right and implement them in a sensible order, and at an appropriate pace, than to get them wrong, quickly." Other groups, including the French Banking Federation, as well as bankers worldwide also are voicing concerns about the Basel proposals.
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