Mr. Aidan Carrigan:

One of the drivers of the single supervisory mechanism, and pulling together supervision to a European level, is that the markets had lost confidence, to a certain extent, in national supervisors in certain countries which did not react when these red flag alerts should have been set off. The intention now is that by pulling away from the national level to a European level there will be more consistent supervision, and trends such as potential bubbles will be identified. That is reinforced by the creation of a further part of the new architecture - that is, the European systemic risk board, whose specific task is to watch out for risks such as that around Europe. There is a considerable architecture in place to protect against that risk.