When a subsidiary is a significant one, it is supervised by us according to our standards; when the subsidiary is less significant it is supervised by the national competent authorities (NCAs), but according to our standards. We have a joint supervisory approach.
The collaboration between the two institutions is therefore fundamental for the fulfilment of our commitment to excellence, not only in terms of training but also in terms of economic analysis and research. I hope that our respective officials will finalise the proposal they are considering in this regard. I am absolutely excited about the potential for this.