He taught me everything he knew about banking, and that was plenty. Fifteen years later, when he died suddenly of a massive heart attack, I had learned enough to take his place as chief executive officer. My banking education began with him as my mentor and with plenty of on-the-job training, which was later supplemented with industry schools and an MBA earned at night.
Lower investor confidence, besides sending European government bond yields and CDS premia higher in the secondary markets, has also impacted the primary markets. The space left by external creditors was occupied by domestic investors such as banks, who increased their investments particularly following the introduction of the three-year LTROs. The trend towards renationalisation is a development that needs to be monitored.