In this case, too, any foreign subsidiary of a U.S. bank would naturally have to adhere to the host country rules applied to bank subsidiaries there. We acknowledge that some of these details still have to be clarified - exactly the task that the AIG has undertaken.
But I would like to emphasize that these issues relating to Basel II are not necessarily new, since we have been dealing with differences in capital rules among countries for many years, but just perhaps more complex. Implications for the treatment of foreign banks in the United States Now we have arrived at the point that you all have been waiting patiently to hear.