In general, the prudential standards on the banking system will continue to keep rising as we seek closer alignment with international standards. We have already announced that banks should be IAS compliant by end-2005. We really have no choice on this. Our ratings cannot afford it. We have likewise defined the roadmap to make the banking system compliant with Basle II by 2007.
Given the complexity and deep impact of these changes, it is necessary to begin preparations right away. BIS Review 11/2005  1  The ultimate success of the banking reform agenda depends to a very large extent on Congressional action to amend the BSP Charter primarily to strengthen the institutional arrangements for banking supervision.