Whether they see these services as a temporary bridging facility, as an emergency sticking plaster or as a solution. That is entirely up to them. There is just one final comment I would like to make on conversion services. What exactly are they? If I enter a payment into my payments engine in the old-style format, is that a conversion service?
A key macroprudential instrument to be included in the toolbox of authorities in the EU is the counter-cyclical capital buffer. The relevant authorities may require banks to hold an extra buffer of capital in addition to minimum requirements, for instance if credit growth in the financial system is deemed excessive.