Analyzing the data used in QIS4 is vitally important, because ultimately the success of Basel II will depend on the quantity and quality of data that banks have to use as inputs to the framework. U.S. regulators expect to provide additional information on the lessons we learn from the QIS4 review in the near future.
The notice of proposed rulemaking (NPR) for Basel II will incorporate what we learn from this exercise. But we really are caught in a process dilemma. Bankers cannot complete their  BIS Review 37/2005  1  models and collect the necessary data until they know what the specific requirements will be.