¼ của ngân hàng bên trong xếp hạng và VAR phải là một phần của một hệ thống quản lý tổng hợp rủi ro. Ví dụ, trong khi VAR được sử dụng để đánh giá rủi ro thị trường và vốn quy định được thiết lập sang một bên, hệ thống quản lý rủi ro phải xác định vốn kinh tế (được sử dụng để thiết lập giới hạn), | ----------------------------------------------------------------------------------------- 271 -------- Bank Structure and Regulation UK USA Japan eu This was to be achieved through the harmonisation of rules and regulations across all states. However by the 1980s it was acknowledged that progress towards free trade had been dismally slow. The Single European Act 1986 was another milestone in European law. To speed up the integration of markets qualified majority voting was introduced and the principle of mutual recognition replaced the goal of harmonisation. The Act itself was an admission that it would be impossible to achieve harmonisation that is to get states to agree on a single set of rules for every market. Instead by applying the principle of mutual recognition member states would only have to agree to adopt a minimum set of standards rules for each market. Qualified majority voting where no member has a right of veto 64 would make it easier to pass directives based on mutual recognition. These acts applied to all markets from coal to computers. In this subsection the European directives or laws which were passed to bring about integrated banking financial markets are reviewed. The First Banking Directive 1977 defined a credit institution as any firm making loans and accepting deposits. A Bank Advisory Committee was established which in line with the Treaty of Rome called for harmonisation of banking in Europe without clarifying how this goal was to be achieved. The Second Banking Directive 1989 was passed in response to the 1986 Single European Act. It remains the key EU banking law and sets out to achieve a single banking market through application of the principle of mutual recognition. Credit institutions65 are granted a passport to offer financial services anywhere in the EU provided member states have banking laws which meet certain minimum standards. The passport means that if a bank is licensed to conduct activities in its home country it
