subsequent to the consultation on and the publication of IFRS 9. First, some have expressed the concern that IFRS 9 will result in an increase in the use of fair value. The IASB did not seek to increase or decrease the use of fair value accounting when overhauling the accounting for financial instruments. Our aim was to find the right balance and establish appropriate criteria for determining whether to use cost or fair value. The decision depends upon whether cost or fair value provides the most useful information about likely future cash flows. This is consistent with the business model approach advocated by the European Commission and the Basel Committee. Except in the narrow circumstances agreed previously with the ECB where the fair value option is selected by the institution, cost based measurement is required when a financial asset has predictable cash flows and if the objective of the holder is to collect principal and interest over the life of the asset rather than to collect cash proceeds from sale. For a traditional bank, being one that takes deposits and lends money to customers that it holds to collect principal and interest, we expect IFRS 9 to result in fewer rather than more items being measured at fair value. Those concerned about the "expansion" of fair value seem to be concerned primarily about the potential treatment of financial liabilities. At the suggestion of the European Commission and EU stakeholders, we removed the treatment of liabilities from IFRS 9. I can