We do what is necessary when it is necessary. 24) Does the unwinding of the global imbalances such as the deficit on the US current account argue for a more measured monetary response? Answer: The possible disorderly unwinding of global imbalances is calling for all partners concerned to do their homework.
It goes without saying that we diligently monitor their progress. The second pillar is a quantitative addendum to this guidance, in which we specify our supervisory expectations for the provisioning of new NPLs. These expectations depend on the extent to which NPLs are secured.