To date, the impacts have been broadly in line with the Bank’s expectations. House price inflation is moderating, along with the risks to financial stability (FSR, May 2014). 2. Operational risks relate to the achievement of business plans and “business as usual” results.
Third, the applicable obligations of the ECB, as referred to in the Memorandum of Understanding signed with the NBB, are laid down in Article 38 of the Statute of the ESCB, which imposes professional secrecy on the ECB. As I have explained, the SWIFT oversight function is not based on a comprehensive legal framework including powers to impose sanctions, but on “moral suasion”.