There has been a political agreement with the Parliament on two other files (Cross Border Distribution of Funds and European Market Infrastructure Regulation (EMIR) Refit). And I understand they have reached a general approach on the European system of financial supervision (ESFS) file, at the Council level. I am sure we will keep up the good work and efforts on every side will have a positive outcome. The future might be uncertain, but we can surely try to better prepare for it. 3/3  BIS central bankers' speeches
This requires effective cooperation with foreign authorities in a crisis, for which, in turn, the global resolution plans are an important prerequisite. As regards emergency plans, both Swiss big banks have introduced significant measures by setting up Swiss subsidiaries which combine systemically important functions in one entity. The key point here is that the Swiss units must be sufficiently independent from the rest of the bank, both operationally and financially. Both big banks have to implement their emergency plans by end-2019 at the latest. FINMA is responsible for the definitive assessment on whether the plans allow systemically important functions to be maintained in practice. Domestically focused banks  I would now like to turn to the domestically focused banks. For these banks, the mortgage and real estate markets still represent the greatest source of risk. Growth on these markets has remained fairly constant over the last six months, and at a relatively low level. At the same time, imbalances on the mortgage and real estate markets have fallen slightly overall, owing to developments in fundamentals. Despite this most recent development, the risks that have been building in the Swiss banking sector since the beginning of the low interest rate period in 2008 remain considerable. Thus, imbalances on the mortgage and real estate markets are still approximately as high as they were in 2014, when the sectoral countercyclical capital buffer was set at 2%.