This will continue to be so in the future, as the 18 (soon 19) member countries with their national supervisory authorities will also be prominently represented in the Supervisory Board. I have no doubt that our European supervisory project will be ready on time. There are exactly 35 days to go till the start date, 4 November.
In Frankfurt we are currently working very hard on the start of regular supervisory operations at the ECB, as the responsibility for the supervision of around 4,700 credit institutions in the euro area will from that day on lie with us. The staff of the SSM has largely been recruited. A few interviews are still being held.