... fast-growing area of their off-balance-sheet activities Finally, we examine the implications of the changing nature of banking for financial fragility and regulatory policy THE DECLINE OF TRADITIONAL ... been conducted by the Bank for International Settlements (the “Promisel Report”), the Bank of England, the Group of Thirty, the Of ce of the U.S Comptroller of the Currency, the Commodity Futures ... Banking and Quarterly Banking Profile FRBNY ECONOMIC POLICY REVIEW / JULY 1995 29 terest income and therefore overstates the decline in the profitability of traditional banking Another indicator of the...