The key point here, however, is buffers must be made of CET1, the highest quality capital. And much progress has been made, since the end of 2014, the fully loaded CET1 ratio of Significant Institutions in Ireland has increased from 9.4 per cent to 17.7 per cent at end-2017.
So in short, the third key lesson from the crisis I want to mention today was that, in addition to the level, the type and quality of capital matter. Progress has been made in many other areas too.