As most of you know, we are in a very important stage of the process. Over the past six weeks there have been some crucial developments as a result of the discussions among member regulators, a demonstration once again of the Basel Committee’s determination to listen to comments and make those modifications necessary to deliver the best accord possible.
The proposal for a capital standard based on unexpected losses submitted by the committee for public comment is a good example of this earnestness in seeking an improved final product. Other issues are still being discussed, including securitization, retail credit, and credit risk mitigation.