The key point here, however, is buffers must be made of CET1, the highest quality capital. And much progress has been made, since the end of 2014, the fully loaded CET1 ratio of Significant Institutions in Ireland has increased from 9.4 per cent to 17.7 per cent at end-2017.
And lastly, the ECB provides analytical and statistical support, collecting and processing information that feed into the ESRB’s discussions. Despite this, however, the ESRB remains a body that is quite distinct and separate from the ECB. The ESRB does not change in any way the functioning of the ECB’s statutory role and its unambiguous primary mandate for delivering price stability.