Second, disclosure requirements are often drawn up after crises.
For them, privacy means expensive disclosure requirements, constraints on their ability to collect information about their customers, and a potential source of legal liabilities.
And there is much more to be done, it suggests, involving cross-border banking, disclosure requirements, indices of systemic risk and international co-operation.
Few would argue with its tightening of disclosure requirements, including more information on loan repurchases so that investors can better identify shoddy lenders.
Banks, as I say, are with us to stay; we just have to improve our regulation and disclosure requirements so that Banks can be prevented from taking unnecessary risks.