FSA has written to trade associations to explain how it views ICG in the context of the current economic circumstances. FSA recognises that sometimes a firm's capital may be less than its ICG yet the firm may not be in breach of the GENPRU 1.2.26 requirement to hold adequate financial resources. FSA would expect a firm projecting volatility to discuss with FSA if there is a risk its resources will fall below its ICG. The letter also says FSA expects firms to do ongoing stress testing.