These asserted that the protracted, orderly growth and modest fluctuations was actually the product of exceptionally favourable circumstances, in particular the absence of the sort of violent, repeated, adverse shocks that had marked previous periods (“good luck”).
[Deputy Governor] Chuchi [Fonacier] will testify to that. We had lots of debates about how quickly we will move towards Basel II. Maybe we are moving too fast? And we decided, no, there is no such thing as moving too fast. I think it's now paying dividends. Of course, we are running out of acronyms to discuss all this: LCR, Net Stable Funding Ratio...