U.S. regulators expect to provide additional information on the lessons we learn from the QIS4 review in the near future. The notice of proposed rulemaking for Basel II will incorporate what we learn from this exercise. But we really are caught in a process dilemma. Bankers cannot complete their models and collect the necessary data until they know what the specific requirements will be.
Regulators, on the other hand, will have to develop these requirements before seeing the actual results of these models and robust databases. The process we have for vetting Basel II in the United States is probably similar to those followed in many other countries. We are putting forward proposals and seeking comment from the industry, our legislature, and other interested parties.