And that is why we have seen many new regulatory initiatives over the past few years. Today, seven and a half years after the collapse of Lehman Brothers – which for many was the beginning of the financial crisis – we are significantly closer to our goal than ever before.
In response to the financial crisis, the G20 countries have worked on improving the resilience of the individual banks. Strengthening the individual banks as the smallest component part of the financial system strengthens the system itself. With this goal in mind, in 2010 the Basel Committee on Banking Supervision adopted a regulatory framework, called Basel III for short.