Enforcement will be the real challenge, assuming that all the cumbersome legislation goes forward on financial conglomerates, pensions, new capital-adequacy rules, risk capital for small businesses, clearing and settlement, accounting standards and insolvency rules.

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Consequently, balance sheets under mark to market accounting suddenly started to show insolvency, or near insolvency, for more and more institutions.

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Standard Chartered told Korea's Yonhap news agency that the local auditor, Samil Accounting, had failed to explain exactly how the insolvency of SK had come about.

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