The Expected Interest Rate Path: Alignment of Expectations vs. Creative Opacity∗
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In addition to redefi ning the calculation of capital requirements and establish- ing a supervisory review process under Pillars 1 and 2, Basel II imposes new and enhanced disclosure obligations on credit institutions under its third pillar. The purpose of Pillar 3 is to ensure greater transparency in terms of banks’ activities and risk strategies, as well as to enhance comparability across credit institutions – which is all in the interests of market participants. At the same time, the provisions of Pillar 3 do not entail additional capital requirements but are limited to mandating the publication of key data, the...
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