It must also comply with primary law requirements, such as the prohibition of monetary financing and it should not 3/7  BIS central bankers' speeches  interfere with the tasks and objectives of the ESCB (in which case the Governing Council can object to it). I will make only a few more comments on the provision of central bank liquidity.
However, separate entities within the bank group can well provide the underwriting and market making services without any additional cost to the customer. HLEG did emphasise the importance that authorities require additional separation if that is needed to make the recovery and resolution plans credible, a measure that would bring the HLEG separation proposal closer to the ICB ring-fencing proposal.