The particular principles that have a bearing on reconstructions, mergers and acquisitions are the following:  BIS Review 60/2000  4  Principle 5 – Major acquisitions or investments by a bank In terms of Principle 5, “banking supervisors must have the authority to establish criteria for reviewing major acquisitions or investments by a bank and ensuring that corporate affiliations or structures do not expose the bank to undue risks or hinder effective supervision”.
It is this – and only this – communication that is relevant to assess our policy orientation. Unless this communication changes, the policy orientation remains unchanged. Has forward guidance achieved its objectives? It is probably too early to answer. But allow me a preliminary assessment.