If our examiners believe there is a reason to be concerned with the condition of your institution, the examiners should notify you and engage directly with you to make sure that they have a clear understanding of all of the facts, and that any supervisory actions—including any discussion of ratings downgrades—are appropriate based on the unique facts and circumstances of the institution.
It's been a while since I’ve felt the need to say this to our state-chartered banks, but the time has come to renew this message today and to emphasize it going forward. I’m sure you are not surprised that our largest bank CEOs do not hesitate to engage directly with the Board and Reserve Bank presidents.