Of course, I do not want to anticipate Mario’s remarks, but let me say some words on the current developments. The filing of chapter 11 bankruptcy petition by Lehman Brothers Holdings inc. and the sale of Merrill Lynch to Bank of America has certainly further increased uncertainty and risk aversion on financial markets.
That is tougher than it sounds as anyone who tried to repo quasi-sovereigns throughout the last year knows. I will address some potential solutions to this problem momentarily. The Bank strongly believes that the standard should not bind in times of systemic crises. The Basel Committee will issue specific, concrete proposals on these measures by the end of this year.