the FASB aiming to reach a common global approach, we will emphasise our position in favour of a mixed measurement model over one that requires full fair value measurement on the balance sheet. We will seek to reach common agreement on a forward-looking model for loan-loss provisioning and a simplified hedging methodology. I remain optimistic that we can overcome our current differences. I know that my counterpart at the FASB, Bob Herz, is equally committed to reconciling any differences. To this end, we have enhanced our co operation over recent months and have stepped up the joint meetings of our boards and staff. We at the IASB recognise the importance of our work on financial instruments, not only in Europe, but globally. The financial crisis has highlighted the critical nature of financial reporting to the functioning of markets and the importance of achieving a single set of high-quality accounting standards. I am pleased today to report that by taking urgent action, and by listening to stakeholders in Europe and elsewhere, the IASB will deliver a significantly improved financial instruments standard dealing with the classification and measurement of financial assets in November.