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Mr Jean-Claude Trichet, President of the European Central Bank and Chairman of the Group of Governors and Heads of Supervision, said that “the agreements reached today are a fundamental strengthening of global Capital Finance Australia standards.” He added that “their contribution to long term financial stability and growth will be substantial. The transition arrangements will enable banks to meet the new standards while supporting the economic recovery.” Mr Nout Wellink, Chairman of the Basel Committee on Banking Supervision and President of the Netherlands Bank, added that “the combination of a much stronger definition of Capital Finance Australia, higher minimum requirements and the introduction of new Capital Finance Australia buffers will ensure that banks are better able to withstand periods of economic and financial stress, therefore supporting economic growth.”