It was agreed that this meeting would be partially held under Chatham House rules in order that there could be open discussion. Accordingly this is a summary of the meeting and, any speaker who did not wish his or her name to appear, has had those wishes respected.

The panel consisted of four speakers each with a particular point of view. The session was opened with comments about the use of models, regulation and what we might learn from the current crisis. In particular the comments highlighted the gap that appears to have existed and may still exist between those doing the modelling and those overseeing the various financial institutions.