CENTRAL BANK PRESIDENT OPENS BASEL II WORKSHOP

UNCLAS MUSCAT 001596 SIPDIS SIPDIS STATE FOR NEA/ARP, EB/IFD/OMA ABU DHABI FOR GMULLINAX E.O. 12958: N/A TAGS: ECON EFIN PREL MU SUBJECT: CENTRAL BANK PRESIDENT OPENS BASEL II WORKSHOP ¶1. On November 13, Oman Central Bank Executive President Hamoud bin Sangour al-Zadjali opened a three-day workshop for Central Bank and commercial banking personnel on the requirements of the Basel II accords. In his remarks, ZadjaliQoted that the Central Bank would begin implementing the Basel II norms beginning in January 2007. He stressed the importance of the accord in promoting a risk-management framework, and commented that bank actQns taken to abide by the norms of the three main pillars (minimum capital requirement, supervisory review process, and market discipline) would strengthen the sector and free-up capital for economic development. The workshop, sponsored by the Central Bank and the U.S. Department of Treasury, featured presentations from U.S. Treasury regional advisors George Mullinax, George Hanc, and Robert Demler on topics including the 25 Basel basic core principles, tenets of Pillars I and II, and supervisory decisions under Basel II. GRAPPO