For some banks at least, this means that allowances at any point in time are unlikely to be sufficient to meet full EL requirements although, amazingly, we did see some excesses during our QIS work. Also, dynamic provisioning approaches that provide “through the cycle” accounting are unlikely to be acceptable.
Nor am I the person to make the farewell speech that you deserve. In this group of financial experts there is no need to go over your impressive career with all its highlights; they are well known.