16 April 2008 Basel Committee announces steps to strengthen the resilience of the banking system
•Banks need to have strong liquidity cushions to weather prolonged periods of financial market stress and illiquidity
•Weaknesses in bank transparency and valuation practices for complex products have contributed to the build-up of concentrations in illiquid structured credit products and the undermining of confidence in the banking sector.
▫The Committee will promote enhanced disclosures relating to complex securitization exposures, ABCP conduits and the sponsorship of off-balance sheet vehicles.