The agencies will continue to carefully consider all comments received and thoroughly analyze all relevant information as we work to develop a final rule for Basel II. The agencies’ Basel II proposals contain certain transitional safeguards beyond what is contained in the 2004 Basel Committee framework.
The interplay of voice and accountability, civil liberties and free media, which form the core of democracy reinforce the quality of governance. Three recent steps, devolution of powers to local governments, National Anti-Corruption Strategy and National Accountability Bureau and encouragement of private-public-community partnerships, will fill in the missing gaps in effective implementation of governance.