While it was expected that greater competition and adoption of new technology would result in all round efficiency improvement in the banking system, it is again apparent that whatever limited competition that the banks have been exposed to and the technological progress has not resulted in bringing down the costs of providing banking services.
In addition, the stress test results are sensitive to changes in a firm's balance sheet, which means that a firm's capital requirements will evolve as the firm's activities and exposure evolve. However, I do think there is an important balance to be struck between preserving this dynamism and ensuring that firms have sufficient notice regarding the capital requirements to which they are held.