More than 90 years ago, Will Rogers said, “There have been three great inventions since the beginning of time: fire, the wheel, and central banking.” It should be mentioned that Will Rogers was a humorist; his comment was probably not meant as a compliment to central banks.
As you will be aware, home and host countries undertake their banking supervision roles and responsibilities within the framework of home-host supervision set out in the Basel Concordat. The Concordat emphasises the general responsibility of home country authorities to supervise banks' worldwide consolidated activities, as well as the host country responsibility to supervise foreign bank establishments in their territories as individual institutions.