Michel Timalt, the chairman of ING, has become the latest high-profile executive to express concern at the challenge facing Europe's financial groups as they attempt to comply with a series of new regulations.
In an interview with the Financial Times, Mr Timalt warned of ‘regulatory fatigue’ as financial services groups struggle to adjust their infrastructures in accordance with new regulatory initiatives.
Despite increased efforts, banks are facing an uphill struggle in preparing for the Basel II Framework, which sets new standards in risk management and capital adequacy.
The Basel II rules are expected to take effect globally in January 2008, although in the United States only the largest internationally active banks are required to comply.