BIS central bankers’ speeches  subsidiary's lead regulator – whether a state or foreign insurance regulator or a federal banking regulator for depository institutions. The regulatory capital requirement for any non-insurance, non-banking subsidiaries – which at present are relatively minor parts of these firms – would probably be determined under the standardized risk-based capital rules applicable to affiliates of bank holding companies.
We are indeed very aware of the criticism – and by the way it exists in other countries – and we take it seriously. Of course, interest rates could be higher for Germany’s economy and in some other countries as well, if they were alone. But they aren’t – we have a single currency.