In anticipation of the comprehensive assessment, many banks have undertaken additional value adjustments, have sold assets and have stocked up their capital over the past 12 months – in short, they have cleaned up their balance sheets. That has eliminated yet another obstacle to an adequate supply of credit next year.
We have maintained a consistent position on this and, for the first time, we found ourselves having to comment on measures that were not suitable. These measures involved limiting the use of cash for transactions that are not subject to tax. The national legislator had justified the measures on the grounds that they would help prevent tax evasion.