I would like to stress particularly the importance of the new Basel II Capital Accord, which is to be fully implemented by January 2008. Indeed, the new accord strongly relies on significantly improved risk management in determining the appropriate level of capital buffers for banks.
John Hurley: Recent economic developments in Ireland and the outlook for the economy Opening statement by Mr John Hurley, Governor of the Central Bank and Financial Services Authority of Ireland, at the presentation of the Annual Report 2007, Dublin, 10 July 2008.