3.2  Banco Bilbao Vizcaya Argentaria’s application for authorization to acquire control of BNL  On 18 March 2005 BBVA gave the Bank of Italy prior notification of its intention to acquire a controlling interest in BNL by means of a voluntary exchange tender offer for all of BNL’s ordinary shares.
The mark-to-market process and short horizon of daily trading also helped greatly in evaluating the effectiveness and overall “accuracy” of the market risk models. None of these crucial elements exists today for measuring credit risk, and industry practice has not yet converged around a particular measure of credit risk, or even a conceptual definition of credit loss.