I should mention that the RBI is open to more firms applying for licenses as ARCs. •  The government is working on a new bankruptcy law, which is very much needed. Properly structured, this will help bring clarity, predictability, and fairness to the restructuring process.
You know just how much the processes for approving internal models differed across euro area countries in the past. That’s why we are now assessing all major internal models used by those banks directly supervised by the ECB. This targeted review of internal models, TRIM for short, is a huge project; we are planning to do about 200 on-site investigations.