The banking system which for which we will surrender the primary responsibility to the SSM will be in much better shape than it was three years ago as we prepared our first estimates of loan loss. Not fixed, to be sure, but on its way.
If my hopes for the Banking Union are realised, and the pitfalls avoided, a recurrence in any part of the Banking Union of a disaster as great as these banks brought to Ireland can surely be avoided. BIS central bankers’ speeches  9