The Basle Committee neither ignores market participants’ comments on the Accord, nor denies that there may be potential for improvement. More specifically, the Committee is aware that the current treatment of credit risk needs to be revisited so as to modify and improve the BIS Review 17/1998  -2-  Accord, where necessary, in order to maintain its effectiveness.
Now, I have purposely set up a straw man so that we can all appreciate how much work remains to be done.