But the risk on just over € billion of that amount has been shifted to the Greek central bank. We jointly bear the risk on the rest of the amount. But bear in mind that collateral has been provided.
We are talking about securities that are not linked  2  BIS central bankers’ speeches  to the Greek sovereign and which, on top of that, are subject to a “haircut”. This should offer sufficient protection.” Last year saw the start of the banking union. What is the next big project for the ECB? “That would be the capital markets union.