Our experience has been that we do get a fair chance to demonstrate compliance on the core principles, and aspects of the rules texts as they come up. On the other hand, I must observe that small countries are often subject to regulatory and supervisory fads that emanate from the large countries that constitute the bulk of your membership.
Second, credit derivatives and structured credit markets are transforming the way banks operate in the market. Credit portfolio management practices have indeed profound implications for the banking business model. Banks are moving from the traditional “buy-and-hold” model to the “originate-anddistribute” model 4 , whereby they distribute portfolios of credit risks and assets to other market players.