We believe that the best way to further augment our understanding of the impact of Basel II is to issue the NPR and hear reaction from the Congress, the industry, and the public.
There is no denying that the conditions could have existed for letting some banks in difficulty to fail had the political situation been different, for example, if elections were imminent in Europe, as in the United States. Fortunately, this was not the case. Nevertheless, it is necessary to reflect on what might have happened.