Our recommendations were in the following key areas: •  Strengthening the prudential framework for banks, including with regard to capital, liquidity, risk management and market infrastructure;  •  Strengthening the framework for transparency and valuation;  •  Changing the role and uses of credit ratings; and  •  Enhancing the authorities’ responsiveness to risks and our co-operation in dealing with weak banks.
Progress in taking forward implementation of these recommendations has been remarkable. To name a few examples: •  Supervisors proposed in July new capital requirements for credit exposures in banks’ and securities firms’ trading books and will set out later this year adjustments to capital requirements for “re-securitisations” and the short-term liquidity facilities that funded off-balance sheet conduits.