The Basel Committee on Banking Supervision (BCBS) has come out with several components of a new package – Basel III – aimed at better guarding banks against systemic risks of the type that plunged the world into the crisis.
Practices such as converting non-performing loans into commercial papers and bank acceptances and setting up off-balance sheet special purpose vehicles to hide losses were prevalent. Recently the CBN put an end to these practices and the collapse of the equity markets effectively put an end to alleged stock price manipulation.