Yesterday, the Basel Committee on Banking Supervision announced that “the level of capital in the banking system needs to be strengthened to raise its resilience to future episodes of economic and financial stress.” The Committee stated that “this will be achieved by a combination of measures such as introducing standards to promote the build up of capital buffers that can be drawn down in periods of stress, strengthening the quality of bank capital, improving the risk coverage of the capital framework and introducing a non-risk based supplementary measure.” The regulatory capital minimums, in terms of both the level and quality of capital, will be reviewed in 2010 in order to “enhance confidence and lay the foundation for a more resilient banking system.” The Committee explicitly stated it “will not increase global minimum capital requirements during this period of economic and financial stress.”