If the new framework were implemented hastily, banks would need to undergo sizeable consolidation of their capital base and carry out a reshuffling of their balance sheet structure over a short period of time. This could have some adverse impacts on credit intermediation in the short term. Such transitional impact motivated the design of long phase-in arrangements.
Some efforts are underway to prevent vacancies, as well as return vacant properties to active use;  BIS Review 31/2008  5  some of these efforts may also help preserve the supply of affordable housing in areas that have experienced shortages. 7 The Federal Reserve has recently undertaken a joint effort with NeighborWorks America to help communities develop strategies for neighborhood stabilization.