The saga of high-risk securities instruments as held-to-maturity investments continues, but this time it looks like the banking regulators and the private sector may find a way to settle the issue, but it could take a while. The time-consuming part is the due process of the private-sector standard setters and the regulators' lack of ability to craft language they feel surrenders their authority in this area.

The Financial Accounting Standards Board's Emerging Issues Task Force took a look at the issue one more time May 19 after washing its hands of it after its last meeting March 24. The EITF was urged to discuss the issue by banking industry groups who are up in arms about the implications of the regulators' policy statement on high-risk investments.

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