From a requirement of minimum Tier 1 of 5 pct under Basel 2, we will now be requiring at least 6 pct of Common Equity Tier 1 (CET1). The minimum Tier 1 shall now be 7.5 pct. It's not on the slide, but we will also be requiring a 2.5 pct Capital Conservation Buffer, all of which must be CET1.
In other words, ladies and gentlemen, what has changed is the composition of capital to improve its loss absorbing capacity. I have been asked why we appear to be in a hurry to implement Basel 3. It’s true we are ahead of the Basel timeframe of 2019, but we are actually behind our EMEAP counterparts. (Australia and NZ have implemented in full in 2013.)