These factors explain why French banks' CDS premiums remain lower on average than those of banks in the United States, the United Kingdom and the rest of Europe. At the European level, the banking authority – the EBA with the SSM – will carry out new stress tests in 2023 on the resilience of EU financial institutions. The underlying scenarios will need to be sufficiently severe and credible in the current environment of uncertainty and volatility. But we see nothing at present that justifies an industry-wide restriction on dividend payouts, such as that imposed temporarily in 2020. There is,  2/4  BIS - Central bankers' speeches  however, a need for everyone to show prudence in terms of the future trajectory of capital, and in particular regarding share buybacks, which furthermore have to be explicitly authorised by the supervisor. 3. Are there any non-bank risks that could potentially trigger a crisis? The first area we need to pay close attention to is the less regulated players: while we have largely reinforced banks and insurers, we still have a long way to go on non-bank financial intermediaries (NBFIs). All episodes of financial instability in the last three years have been caused by the non-bank, non-insurance sector: from the money market fund "dash for cash" in March 2020 to UK pension funds in September. The vulnerabilities stem from excessive use of leverage, insufficiently controlled exposure to margin calls, or liquidity mismatch in open-ended funds which leaves them vulnerable to large and sudden capital outflows.
I would like to conclude by coming back to Newton's experiment, where he split white light into the colours of the spectrum using a prism, and then recombined them using a second prism. After breaking the challenges of financial stability down into a spectrum of five questions – which are not exhaustive – I would like now to recombine them into a single certainty: we, as supervisors and regulators, we the ACPR, will do everything within our power to safeguard financial stability in the new macrofinancial landscape. I shall give the floor now to Dominique Laboureix: I would just like to congratulate him on his appointment as Chair of the European Single Resolution Board, and thank him warmly for his powerful work as Secretary General of the ACPR for the past three years. 1 Those subject to Solvency II. 2 The ECB Blog, Bitcoin's last stand, 30 November 2022. 4/4  BIS - Central bankers' speeches