Allowance for loan and lease losses Finally, I want to talk about two accounting and reporting issues. Financial regulators want to encourage banking organizations to strengthen their processes and documentation associated with their determination of the adequacy of their allowance for loan and lease losses (ALLL). As you know, accounting standardsetters recently questioned the methodology for loan loss reserves and proposed new guidance.
Paul and I are pleased to be here with you today to discuss the January Monetary Policy Report, which we published this morning. •  The global economic recovery is underway. Economic and financial developments have been slightly more favourable than we projected in October, and the outlook for global economic growth through 2010 and 2011 is somewhat stronger.