[Mr. Joe Benton in the Chair] — International Banking Regulations

Part of the debate – in Westminster Hall at 9:30 am on 4th November 2008.

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Photo of Andrew Pelling Andrew Pelling Independent, Croydon Central 9:30 am, 4th November 2008

I entirely agree with the hon. Gentleman's sentiments about the weaknesses of Basel II, but if there were a revision, it might be worth keeping one of the benefits—releasing the banks from the obligation of relying on oligopolistic suppliers of credit ratings—and having some discretion, because of the great failings of those American rating agencies.