Tomorrow, we will celebrate our first full year as the supervisor of Europe’s significant banks – a project which has involved us hiring over 1000 new staff and setting up a new European institution from scratch. We also this year officially inaugurated our new building, which has now become a symbol of the Frankfurt skyline.
Needless to say, the headroom available in government finances either at the State or Central level for funding or for guarantees (explicit or implicit) is limited. This calls for funding from both financial institutions and capital markets, both domestic and external.