Panel comments

We need to beware of over-reaction, for example not to revise the UK tripartite MOU to indicate excessive future support for banks, nor to rush to rearrange regulatory structures. On pay and incentive structures, shareholders should play a greater role. On securitisation, in the short run market discipline will suffice; in the longer term, all the players, risk managers, regulators, accountants, etc., will just have to be tougher and more savvy.