I would like to illustrate this with an example relating to regulatory capital; a whole range of measures are currently being discussed: •  the definition of regulatory capital,  •  the general increase in minimum capital requirements,  •  a capital add-on for large institutions,  •  the introduction of an anticyclical capital buffer,  •  the introduction of a leverage ratio and  •  greater capital backing for certain complex securitisation positions and the trading book (largely completed).
The big picture should be kept in mind when evaluating the impact the measures will have on the capital situation of institutions; before any final decisions are taken, an in-depth impact  1  Guiding principles for the replacement of IAS 39; Nr. 10: To delink partially the valuation process from certain aspects of income and profit recognition.