Moreover, the opening of banks on 1 January 2002, as has so far been foreseen in some countries and might be considered by others, should help smooth the specific challenges during the early stages of the changeover. Finally, I should like to stress that the various extensive and well-prepared information campaigns should familiarise the general public with the organisation of the cash changeover.
In other words, the current Basel I capital requirements have over the past decade begun to deviate substantially from the risk profiles of large, complex organizations. We need a better capital framework for these large, internationally active banks, and we believe that Basel II is such a framework.