Whilst in the case of Greece the concept of private sector involvement was introduced, the Cyprus package involved the „bailing-in‟ of bank creditors and certain categories of depositors as part of the rescue effort.
We are also creating a quantitative surveillance mechanism that will use supervisory information, firm-specific data analysis, and market-based indicators to identify developing strains and imbalance that may affect multiple institutions. This program will be distinct from the activities of supervisors, so as to provide an independent assessment of the conditions in major firms, as well as to provide additional information to on-site examination teams.