This is not a subsidy, it is not a transfer. It must, of course, be lent on the basis of very strong conditionality, which is based on European as well as international conditionality. Question: What is your message to the decision-makers in Slovenia after the failure of pension reform in the June referendum?
2  BIS central bankers’ speeches  As you know, only the most important banks will be supervised directly by the ECB. This will be done by joint supervisory teams comprising ECB employees, national supervisors and supervisors from the Member States in which the banks operate on a cross-border basis. Smaller banks will continue to be monitored by the national supervisory authorities.