We now know, including from a report conducted by KPMG for the Securency Board later in 2009, that critical information regarding the use of agents was withheld from the audit teams and the Securency Board in 2007 and 2008. Finally, I turn to the question of the provision of materials to this Committee.
A true CMU should aim to harmonise insolvency regimes and improve  4  BIS central bankers’ speeches  their overall quality by converging towards international best practices. That should in turn also help expand secondary markets for distressed debt, helping banks get NPLs off their books more easily.