We consulted with the FASB for the most current thinking about what would be consolidated under the accounting rules they were finalizing. To recap, in the stress test we analyzed 19 financial intermediaries engaged in a mix of trading and lending businesses. We conducted this analysis on behalf of the U.S. taxpayer who had become a primary investor in these institutions.
And we analyzed them in a way that, in my opinion, best characterizes the risk and performance of the entities:  BIS Review 107/2009  3  •  We evaluated trading assets on a fair value basis;  •  We evaluated loan assets on the basis of expected credit loss through an adverse cycle;  •  We evaluated assets based on the way they were managed rather than the way they were acquired; and  •  We included assets held both on- and off-balance sheet.