Alliance & Leicester plc has become the first UK bank to obtain unconditional approval from the FSA to operate under the new Basel II regime.
A key component of its internal ratings-based approach is the use of a FACT credit application developed by Bureau van Dijk Electronic Publishing (BvDEP), an electronic publisher of business information. Alliance & Leicester uses FACT to operate its own internal model for assigning ratings to bank counterparties. The system is hosted for Alliance & Leicester by BvDEP.
“Using the FACT platform, BvDEP have helped us to develop a highly effective IRB solution for banks,” said Steven Hassall, head of credit analysis for group risk at Alliance & Leicester. “Not only are we extremely pleased with the end product, but we also received excellent service and support throughout. I would have no hesitation in recommending BvDEP to other organizations seeking to implement similar solutions.”