When my former colleague, Christopher Thompson, addressed the 1988 seminar, he felt it necessary to explain at some length the history and background of the Basle Committee of Supervisors.1 Around that time, there were suspicions that the Committee was some kind of secret cabal intent on world domination of the banking industry. In the United States, for example, where freedom of information is paramount, this offended instincts to such an extent that Congress instructed the General Accounting Office to investigate the Committee’s activities. Its subsequent report2 fortunately dispelled the worst fears and concluded that the Committee was a body of responsible bank supervisors trying to address common problems in a coherent manner. I hope I can persuade you to come to the same conclusion.