The supervisory agencies and the industry both are addressing the need for improved risk management in light of the market disruptions The newly adopted Basel II capital framework for large internationally-active banking organizations, for example, is an important advance that encourages the types of investment in information I discussed earlier. The Basel II framework is comprised of three pillars.
The Vice Prime Minister and Minister of Finance and Economic Empowerment, whom we are pleased to have with us this morning, will be presenting the nation’s budget later next month and he has already announced that “Shaping The Recovery” will be his main thrust.