Perhaps the greatest challenge for the resolution of a systemic global bank is the possibility that public or private actors in different countries might take local actions that would cause the overall resolution to spin out of control.
Though our financial year commences on 1st April, for the sake of converging our implementation schedule with the international schedule, we had proposed to implement it effective 1st January 2013. But the two most important jurisdictions viz., the US and the Euro zone that are expected to be in the forefront in implementing Basel III, could not adhere to the schedule.