Purchases of government bonds by national central banks will not be subject to loss sharing. As I recently said, we have taken into account the specificities of the euro area, meaning that we operate in an environment of decentralised national fiscal authorities, and the ECB has no mandate to engage in large-scale pooling of fiscal risks.
Different countries have adopted different models but in any model business correspondents are important entities in the chain. Further, alternate payment models are the hallmark of the FI efforts across the countries. 6.