So the major consultants are now chipping in with their QIS5 reviews (see here, here and here), with some ambivalent ratings reviews thrown in by the agencies. No one saying anything new while simultaneously keeping the Pillar 2 preparation holes 'on the down low'.
Interestingly, while the implicit internal model advocacy was dealt this week, Generali ponied up today with a reduction in their Solvency II coverage from 187% to 160% over the year (p3 ref) . Driver was apparently spreads on Italian debt (which also drove their margin down at group level). Whilst their governance is notoriously patchy, their dislosure on strategy and capital allocation is phenomenal (this from their investor day in November [p5] is spectacular for Pillar 2 purposes). The reversal in fortune for Sol II coverage should not go unnoticed though.
I'll keep the eye on Pillar 1, but shift my focus towards the pre-consultation papers on the system of governance, terra firma for this consultant!