The fundamental logic of securitisation is well understood by those in the room today. Of course, as is also widely appreciated in the industry, the financial crisis highlighted significant inadequacies in securitisation practices, particularly in the United States. Some of those inadequacies are still coming to light.
We believe we have already mounted the appropriate regulatory framework for the prudent conduct of banking business in these challenging times through the reforms initiated by my esteemed predecessor. The next thing to do is to make this work.