- The curative process of substituting lost (or written off) capital for fresh capital continues apace and is now almost complete.
- The industry's historic financial (balance sheet) opaqueness is being replaced by renewed disclosure.
- The core banking franchises of deposit gathering and loan originating, which are producing solid growth in net interest income, remain intact.
- The banking industry's competitive position has been enhanced as the non-regulated shadow banking industry labors under high funding costs, funding availability, capital constraints and poorly diversified books of business.
- The banking industry's ne'er-do-well executives have been replaced by competent, pragmatic and more realistic management teams.
Kass: I'm Putting My Money in the Banks
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