And as for the ongoing costs of compliance, this is another area where we will reach a viable long-term situation once the dust has settled over the reforms. I firmly believe that Germany’s credit institutions will be able to live comfortably with this situation following a period of transition.
The one thing we have to keep in mind is this: good supervision is a positive-sum game – everyone wins. The BCBS could and should be a hub for exchanging supervisory knowledge, tools and approaches regarding cyber risk.