Before the market turmoil began last summer, the Committee had already launched a work stream to assess the current state of liquidity risk management and supervision. However, as a result of the turmoil, we have accelerated this work. Last month we released our assessment of the weaknesses identified by the crisis and what we think needs to be done about it.
We are now well along to completing a fundamental review of the global standards for liquidity risk management and supervision, which were issued by the Basel Committee in 2000. We plan to issue the new standards for public comment this coming July.