At the recent Accord Implementation Group meeting, there was a very fruitful exchange of ideas and dialogue among the member nations, as well as the EU and Committee of European Banking Supervisors, on approaches that countries are considering to address capital adequacy beyond regulatory minimums.
Of course, we recognize that the national discretion allowed under Basel II means that there will be adoption of different approaches to Basel II by various countries. We recognize that this may create challenges for banking organizations that operate in multiple jurisdictions and are working to try to minimize both the differences and the difficulties wherever possible.