In each of the following questions a short passage is given with one of the lines in the passage missing and represented by a blank. Select the best out of the five answer choices given, to make the passage complete and coherent.
After the East Asia crisis, the World Bank conducted a study on the underlying reasons for the crisis. It was found that at least a major part of the fundamental responsibility was on banks, which had understated their non performing accounts by as much as 47%. Since this was a study and not an investigation…………….. Nevertheless, the Basel committee on supervision did take cognizance, and issued circulars and directives not only on supervision, but also on Internal Functional Management. It will be remembered by those interested that Basel committee had also acted expeditiously after the Barring Bank’s failure, to separate treasury and lending operations from the decision making processes. Bank failures are nothing new in the world, although we in India have been insulated g from such traumas for more than two decades.