Mr. Mario Nava:

Mr. Andy Haldane is a colleague at the Basel committee. He puts in evidence the difficulty of having good risk modelling. Risk modelling is not easy. There have been a number of initiatives since that influential paper was written and I welcome initiatives that make risk modelling safer and in a way more comparable. The problem is that going for a too simplistic alternative to risk modelling, which is not risk weighted at all, is unsatisfactory.