Indeed, the largest cross-sector banking deal, the combination of Travelers and Citicorp, took place in 1998, before Gramm-Leach-Bliley was passed. Check Truncation Act Now I would like to take a few minutes to talk about some of our efforts to improve the efficiency of the U.S. payments system, which is a subject of concern for all banks.
Basel II also allows for different ways to calculate the minimum requirements and the institutions that opt for the most advanced methods get a capital advantage. In this way, institutions have an incentive to further develop their risk management capabilities. The ECB strongly supports the new framework and considers that its incorporation in the European rules will be another milestone for the Single Market.