This raises the last subject I want to mention: the appropriate sequencing of the introduction of the single supervisory mechanism with a new European resolution mechanism. And related to this is the question of the role of the ESM concerning direct bank recapitalisation.
To provide the Committee a rough schematic, we start with those who take out amortizing housing loans from banks. For the bank, this is a long-term asset which ties up resources and is prone to market and credit risks. To mitigate these risks, the bank may pool the amortizations expected from the mortgage and create a security which can be sold to investors.