If the skeleton of the pro forma account presented at yesterday's working group meeting is accepted by the banking sector, the territory's banks will probably be divulging more than their counterparts in Singapore - truly a great leap forward.

Yet the smooth way in which the consensus was said to be drawn during the meeting could be a cause for concern. It raises suspicions that when the industry-wide consultation starts, it may not be as smooth as one might expect.

The situation is reminiscent of last year's experience in the liquidity consultation exercise.

A working group was then also formed to solicit views, and drafted a revised regime to calculate banks' liquidity position.

Throughout the meetings, there were only mild disagreements and the draft proposal went through without much difficulty. However, staunch opposition was encountered when the consultation paper was issued.

Ultimately, the paper was revised twice before the whole industry could agree. And the final version was more similar to the existing regime than the first draft.

Bankers do not like to air their fears in public, not to mention in front of their opponents.

They are naturally reluctant to state their objections to certain items on the disclosure list. By raising concern over the items, they are indirectly inviting suspicion on themselves.

To get excited about the decision now, one has to assume two things: that the seven member banks of the working group have fulfilled their role by airing their concerns; and that they have sufficient representation.