Moreover, we ask banks to improve their internal controls and their risk management by, for example, employing more staff for these tasks. But banks are now more concerned with reducing headcount. What matters for us supervisors is that the institutions not only attract business, but that they adequately monitor the accompanying risks.
I can well remember times in which I left the banks to choose – to either make job cuts in trading or hire more staff for risk management. How happy are you with the capital raising prescribed by the ECB for those banks that failed the stress test last autumn? On the whole, I am pleased.