After these introductory remarks, let me first present the latest available figures regarding the total turmoil-related income losses and the new capital raised by major global banks since the beginning of the second quarter of 2007 up to and including the third quarter of 2008. Over this period, the total mark-to-market losses amounted to USD 720 billion globally.
Only by ensuring that a bank’s management and control processes are sound can we be confident that its risks will remain contained throughout business and market cycles. It is not my intention today to espouse the merits of risk-focused examinations, since I trust we all recognize the value of that approach, especially in the case of larger, more-complex banking institutions.