And we expect that market and supervisory discipline will ensure that banking organizations maintain sufficient capital above the regulatory minimums as a prudent sound-banking practice. That has certainly been the case under the current capital regime. Pillars II and III have not, I think, received the attention they deserve by the industry.
Subsequently, legislation will be introduced enabling to turn the transferred deferred tax credit into an irrevocable claim of the SPV on the Greek State with a predetermined repayment schedule. To finance the transfer, the SPV will proceed with a securitisation issue, comprising three classes of notes (senior, mezzanine, and junior).