To this end 14, financial institutions should have in place independent risk management functions with sufficient authority to lean on the decision-making process. It is essential that risk managers are not isolated from the business lines they oversee and that they have access to the necessary information.
On my next slide you can see the progress we have made so far this year in reducing the overall sum of absolute deviations from the capital key across all euro area countries. It is interesting to see that the introduction of the new capital key in itself contributed to a one-off reduction in overall deviations.