Our panel discussed recent events affecting financial institutions and discussions concerning regulatory capital requirements.  In particular, the panel covered: liability management transactions by financial institutions and whether these transactions have been successful in de-levering their balance sheets and boosting regulatory capital levels; recent issuances of hybrid securities in the US and UK and the outlook for hybrid securities issuances in light of rating agency and ECB actions; contingent capital instruments; standby capital arrangements; tangible common equity and other measures; likely changes to regulatory capital requirements; and the ratings outlook for financial institutions.