However, the regulation might not be enough to overcome all the risks related to the use of external ratings. Therefore, issues such as the over-reliance on ratings and the lack of competition in the sector are currently further explored. The DFA includes an  2  BIS central bankers’ speeches  obligation to remove references to (private sector) external credit ratings.
In spring 2023, we expect to have completed the core of the scenario process and produced the scenario transfer and reporting. Incidentally, being able to present the results of our study next year or the year after – possibly at this wonderful conference – is, in my view, a plausible and realistic scenario.