Detailed supervisory manuals are drawn up. Organisation structures around the supervisory board are developed and plans are made for the recruitment and training of hundreds of supervisors in Frankfurt, picked from 18 countries or more. All these pieces are meant to create an effective international banking supervisor – when so many national ones are seen to have failed.
I expect the boards and management of regulated firms to ensure that their firms are sufficiently resilient. I also recognise and support system wide efforts to address some of the factors causing volatility and higher insurance costs than in other comparable countries. These efforts include the work of the Cost of Insurance Working Group.