I trust that with its European perspective, the European Parliament will ensure that this review will consolidate those achievements that have proven successful, while at the same time strengthening the governance framework in those areas where there is room for improvement. Second, the review of the European System of Financial Supervisors may enable us to cater to new realities.
In July, the Minister for Finance agreed to transpose the Systemic Risk Buffer (SyRB) into Irish law and to designate its implementation and calibration to the Central Bank. Once in place, it will complete our macroprudential framework for bank capital. We will announce the buffer rate and phase-in period in due course.