He was also chairman of the Basel Committee on Banking Supervision since May, 2003.

From 1993-97, he was president of the Basel Committee on Banking Supervision.

This is where the Commission has chosen a more flexible basis than did the Basel Committee, but it remains an unsatisfactory one.

I would like to ask you, therefore, what consequences will result from postponing the timetable for the Basel Committee to make a decision?

What are the critical issues on which there is still no agreement on the Basel Committee?

The Basel Committee expects to reach a conclusion by the middle of this year.

The Basel Committee on Banking Supervision will follow suit.

The Basel Committee will work on quantitative retention.

The most recent proposals from the Basel Committee take this stability-based approach as their basis.

Unfortunately, the Basel Committee has not, as yet, satisfactorily addressed the problem of system-relevant banks.