And that means that we are going to be in a world in which financial institutions are likely either required or going to want to hold onto liquid assets, including reserves at the Fed.
That said, the vast majority of board members comes from either the respective host countries or other third countries. The same is essentially true for the subsidiaries of other European parent banks. In my view, this diversity is a big asset as it brings a greater variety of views and thus improves the decision-making process.