By combining the competencies and skills of supervisors and central banks, the ESE initiative certainly contributes to enhancing the convergence of practices. Under this welcome initiative, the efforts of the Banque centrale du Luxembourg will continue to enhance the approach adopted by the ESE initiative. Ladies and Gentlemen, I wish you a pleasant stay in Luxembourg, and an interesting and successful conference.
For these U.S. branches, we have imposed local liquidity requirements in light of the liquidity vulnerabilities that many U.S. branches of foreign banks experienced in the crisis, but no separate capital requirements.