Leading supervisors on the Basel Committee on Banking Supervision are giving their 1988 rules a much-needed overhaul, trying to bring capital charges closer to the banks' own view of risk and return. But who's to say the banks are right? These proposals will be fought over tooth and nail by the lowly rated, the cautious, those suspicious of too much, too hasty sophistication, and those who mistrust rating agencies. Meanwhile, turf battles continue over lax banking structures in the US and protectionist banking structures in Germany. David Shirreff reports.