Attached is a statement released jointly today by the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Office of Thrift Supervision regarding the qualification process for banking organizations implementing the advanced approaches risk-based capital framework in the United States. The statement updates the interagency statement on qualification issued in January 2005 (see “SR 05-1, Qualification Process for Basel II Implementation”) to reflect the final advanced approaches rule published December 7, 2007.

Reserve Banks are asked to distribute this statement to banking organizations that are required to implement or that have shown an interest in implementing the advanced approaches framework. If you have any questions regarding the attached statement, please contact Barbara Bouchard, Associate Director, Supervisory and Risk Policy, at (202) 452-3072, Coryann Stefansson, Associate Director, Large Institutions Group, at (202) 452-5287, or Anna Lee Hewko, Senior Project Manager, Supervisory Policy and Guidance, at (202) 530-6260.