Academic literature has shown Nigeria – as a developing open economy, with a relatively small financial system and a dependence on oil – is particularly prone to asset price bubbles. Banking reforms are a necessary but not sufficient condition to ensure this does not happen  BIS Review 49/2010  11  again – there is need for additional macro-prudential oversight.
9. Carrying forward, the BCBS has in December 2014, published revisions to address the shortcomings in the Basel II Securitisation framework and to strengthen the capital standards for Securitisation exposures held in the banking book.