At the same time, it should be obvious that the shifting assessment of the balance of risks to the outlook (which can occur without there necessarily being major changes to central forecasts) has also been critical.
Institutions that submit an application after the end of the current quarter will find that the likelihood of their licensing procedure being concluded in time will diminish considerably. We also expect these applications to satisfy our supervisory policy stances. Let us take a brief look at the key aspects. First, there are the principles for authorisation and for governance, risk management and outsourcing.