Against the backdrop of the serious market correction recorded since summer 2007, monetary authorities on both sides of the Atlantic have been cooperating to help ensuring a smoother functioning of inter-bank markets and help alleviating liquidity drying up in some market segments.
We support the Department of Finance in its drafting of transposing legislation. In so doing, the establishment of the SSM provides us with the opportunity to improve and strengthen our tools and procedures so that we can be an even better supervisor.