In the interest of simplicity and neutrality, the parameters for reducing the APP portfolio will be closely in line with what we have done previously. This will preserve consistency with our monetary policy stance being set primarily by our interest rates.
From the point of view of the largest internationally active EU banks the concept can not be fully satisfying, as there are countries with important financial markets outside the EU not applying it. Of course, those countries could follow in accepting the rule as proposed in Article 129 of the draft directive, which in my view represents a highly improbable scenario.