It is now one year since the European Commission published its legislative proposal. In implementing the new prudential rules, it preserves some of the specificities of the current rules, including the seniority of loans to small and medium-sized enterprises.
5/8  BIS - Central bankers' speeches  Once again I express the hope, as I did on this very occasion a year ago, that the debate on the prudential treatment of individual risks will not be reopened, and that the overall compliance of European rules with international standards is ensured, in line with what was requested in September last year in a letter signed by the vast majority of governors and supervisors of EU Member States.