The decision on whether to grant such a privilege is taken by the competent supervisor – in the case of small and medium-sized institutions, the national supervisors; in the case of large banks, the ECB. So there is much to be said for harmonising supervisory expectations here too and for granting the privileges according to uniform criteria – both across countries and across institutions.
June 27, 2019  Bank of Japan  Japan's Economy and Monetary Policy Speech at a Meeting with Business Leaders in Aomori  Masazumi Wakatabe Deputy Governor of the Bank of Japan (English translation based on the Japanese original)  Introduction Good morning.