BIS Review 57/2009  5  Fourth, in contrast to some outside estimates, estimated losses for the capital assessment program are for the 19 firms, not the entire banking system. Moreover, numerous adjustments were necessary to reflect particular facts and circumstances at these firms.
That level of analysis simply has not been done – nor could it be done – by outside observers without the level of access available to supervisors. Despite the care and rigor of this process, I would be the first to acknowledge that any loss forecast is inherently uncertain.