Most detached observers seem to agree that the underlying problems had nothing to do with the real or imagined activities of foreign speculators but a great deal to do with more fundamental factors, factors which clearly varied from country to country, but which included politically-directed lending by banks, the end of a real estate bubble, sharply increased real exchange rates in a pegged exchange rate situation, a lack of transparency in financial markets, and, dare I say it to this audience, some poor quality credit analysis by some of the banks and other financial institutions.
This enabled us to identify areas of, at times, serious fragility for some intermediaries, the pressing nature of which top management was not always fully cognizant. These banks will shortly receive our considerations regarding the actions they should take.