And here, I am just talking about ongoing supervision. In addition to that, all the national supervisory authorities are represented on the Supervisory Board, the decision-making body of European banking supervision. For the Bundesbank that means we are ceding, in whole or in part, responsibility for supervising 21 German institutions, but becoming involved in the supervision of 102 foreign institutions.
You can imagine that all this requires national supervisors to adjust – not only from an organisational point of view but also from a personal standpoint. Supervisors who, for years, were responsible for national banks are suddenly being pushed into an international working environment.