However, for the small number of large, complex, internationally active banking organizations, Basel I has serious shortcomings, which are becoming more evident with time. Developing a replacement to supply to these banking organizations is imperative. First, Basel I is too simplistic to adequately address the activities of our most complex banking institutions.
As a public institution, the Bank of Canada takes this responsibility seriously. We know that by fulfilling our economic role in Canadian society - by giving Canadians confidence in the value of money - we make an important social contribution as well. The Bank of Canada will continue to promote the economic well-being of Canada and Canadians. That is our commitment to you.