Fed's Hoenig: Basel II likely needs revision

WASHINGTON (Reuters) - Basel II international bank capital rules are likely to need retooling to reflect lessons regulators have learned in the current financial crisis, Kansas City Federal Reserve President Thomas Hoenig said on Monday.

"If you look at Basel II, it's ten years in the making, and I am sure with this crisis, it will have to be revised," he said response to questions from the Institute of International Bankers.

(Reporting by Alister Bull and Karey Wutkowski, writing by Mark Felsenthal; Editing by Theodore d'Afflisio)