Of course, we need to face up to the reality, the reality which in Serbia is most commonly termed “harsh”. This time, though, this attribute is more than applicable, but should not be used as an excuse for us not to confront the reality.
We hope that the detailed examples in that guidance will be of particular use to examiners, who themselves face the difficult task of assessing bank credit practices in this uncertain environment. Immediately after the release of the CRE guidance, the Federal Reserve conducted a Systemwide teleconference with examiners to underscore the importance of this new guidance and promote its consistent application in all regions.