It is disappointing that the political process has in effect stalled and that the entire framework is  BIS central bankers’ speeches  1  essentially stuck on one issue, albeit a very important one. The open issue, as you know, is the treatment of long-term guarantees.
In this area, the political institutions of the European process, namely the Council, the European Parliament and the Commission have reached an impasse and have commissioned a quantitative impact study on the issue. I’m grateful for those Irish companies that have taken part in the exercise. But frankly, at the heart of the issue are strongly held views which will require a political compromise.