With respect to the second topic, the impact of accounting on financial regulation and supervisory reporting, I have already touched upon the mounting relevance of the interaction between international accounting standards and prudential regulation and supervision following the creation of the Single Supervisory Mechanism.
I will confine myself to a few remarks on two related matters: •  the issue of non-performing exposures (NPEs); 3 and  •  the regulatory guidance on the new expected credit loss model and its interaction with prudential capital requirements. The year 2015 was the first full operational year of the SSM.