Mr. Aidan Carrigan:

First, this is a live issue in the discussions at Council, as in the scope of the direct oversight by the single resolution mechanism, but the vast majority of member states are of the view that the single resolution mechanism should apply equally to all banks. The difference is that in the supervisory situation there is a day-to-day supervisory function in relation to all banks and, therefore, the direct supervision has been netted down to the largest banks, but the ECB retains responsibility for supervision of all banks through the national resolution authorities. In the case of resolution, there is not an ongoing oversight on a daily basis of all banks because resolution events only happen, we hope, very rarely. Therefore, resolution interventions are only required on an exceptional basis. One is not comparing like with like when one compares the day to day supervision of 6,000 banks with a resolution responsibility for 6,000 banks.