For these reasons I believe any such  BIS Review /1997  -7-  information is of limited usefulness in assessing the dynamics of a bank’s risk positions or in anticipating financial distress. I acknowledge, of course, that publicly disclosed information also has these limitations. But at least public disclosure brings with it the incentives for the sound management of banking risks.
I am not at all sure that the private disclosure of information to a banking supervisor - whether on-site or off-site - creates these types of incentives.