Before proceeding to a brief presentation of the Bank of Greece systemic proposal, I would like to clarify once more that banks have individual plans to reduce NPLs aggressively, and are 2/6  BIS central bankers' speeches  executing them with tangible results.
Supervisors need to understand the global perspective within which banks operate. Local approaches may be warranted, but we need to ensure that local deviations are proportionate and that the costs do not outweigh the prudential benefits. To achieve the full benefits of Pillar 2, supervisors need to avoid falling into the trap of establishing a check-list approach to supervision.