Going forward, with the required initial buffer in place, supervisors will work with banks and bank holding companies to ensure that capital levels are appropriate for the level of risk in banks' portfolios and in the economic environment.
Let me highlight some areas of concern: First, on a more technical note, under the current European Market Infrastructure Regulation (EMIR) securitisation special purpose entities (SSPEs) are classified as non-financial counterparties and accordingly, subject to certain conditions, are not required to comply with the clearing and margining obligation.