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Enronitis Strikes Again?

Off-Balance-Sheet Vehicles under Scrutiny as

Capital Adequacy Ratios look Undermined

London, UK - 17th April 2008, 14:03 GMT

Dear ATCA Colleagues

[Please note that the views presented by individual contributors are not necessarily representative of the views of ATCA, which is neutral. ATCA conducts collective Socratic dialogue on global opportunities and threats.]

Remember Enron? Remember the fuss over off-balance-sheet vehicles? Well, we appear to have turned three corners since then, and are back to where we started from! In the latest leg of the Great Unwind, financial institutions off-balance-sheet vehicles and complex structured products are coming under detailed scrutiny as capital adequacy ratios look severely undermined. Rules regarding how banks account for off-balance-sheet interests are "irretrievably broken", a senior group of international rule makers has warned.

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