Certainly, the direct costs of these episodes in terms of losses sustained by investors and employees in the affected firms have been very substantial. But even more pernicious from a macroeconomic perspective has been the ensuing widespread loss of investor confidence in the integrity of firms' financial statements more broadly.
I would like to thank the members of the T2S Programme Board for their dedication and commitment over the past three years. They  BIS central bankers’ speeches  1  have coordinated effectively the several work streams constituting the project and fulfilled the mandate they were given by the Governing Council. They have made an enormous contribution to making the project a success.