Qualitative and quantitative benchmarking studies, which compare methodologies and parameter estimates across banks, will be important tools for validation and for encouraging the diffusion of best practices throughout the industry during both the initial, more qualitative and the later more quantitative, intervals. But, as I noted, high-quality data are important for strong risk management, and not just for Basel II.
I should note that from time to time the Central Bank has engaged the commercial banks in discussions about these issues and while we understand some of their arguments, I am not sure that we have a perfect meeting of minds.