We are now well along to completing a fundamental review of the global standards for liquidity risk management and supervision, which were issued by the Basel Committee in 2000. We plan to issue the new standards for public comment this coming July.
Some of the key areas we will address include the need to enhance overall governance for liquidity risk management, integrating it more closely with other risk management disciplines. We will address the need to strengthen liquidity stress testing practices, including the capture of offbalance sheet contingent exposures.