• Enhancing market discipline through better disclosure and valuation practices.
　　These measures will be introduced in a manner that promotes long-term bank resiliency and strong supervision, while seeking to avoid potentially adverse near-term impacts as the re-pricing of risk and deleveraging process continues in financial markets. The Committee''s actions also are in support of the Financial Stability Forum''s Working Group on Market and Institutional Resilience, which recently released its report to the G7 Finance Ministers and Central Bank Governors.
　　"A resilient banking system is central to sound financial markets and growth," stated Nout Wellink, Chairman of the Basel Committee on Banking Supervision and President of the Netherlands Bank. "Supervisors cannot predict the next crisis but they can carry forward the lessons from recent events to promote a more resilient banking system that can weather shocks, whatever the source. The key building blocks to core bank resiliency are strong capital cushions, robust liquidity buffers, strong risk management and supervision, and better market discipline through transparency."
　　The Basel II Capital Framework
　　The Committee reiterates the importance of implementing the Basel II Framework as it better reflects the types of risks banks face in an increasingly market-based credit intermediation process. Basel II is just now being implemented in most Basel Committee-member countries and many jurisdictions around the globe.
　　The market turmoil has already provided important lessons that will help guide the Committee in further strengthening certain aspects of the Framework. The Committee is introducing a number of measures to help ensure sufficient capital, to capture off-balance sheet exposures more effectively and to improve regulatory capital incentives.
　　In particular, the Committee will revise the Framework to establish higher capital requirements for certain complex structured credit products, such as so-called "resecuritisations" or CDOs of ABS, which have produced the majority of losses during the recent market turbulence. It will strengthen the capital treatment of liquidity facilities extended to support off-balance sheet vehicles such as ABCP conduits. More detailed proposals will be published later this year.

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