It will therefore be a fundamental step in normalizing wholesale markets and restoring the banking system to its principal, fundamental role of supporting economic activity and growth. In order to attain these objectives, the comprehensive assessment must be completely transparent, as regards not only results but also process and methodologies. The appropriate involvement of external reviewers may enhance the credibility of the exercise.
We don’t think that draining such large amounts of reserves will be necessary for a smooth exit, but it makes sense to be prepared, and hence we have followed this “belt and suspenders” approach.