Mr. Mario Nava:

First of all, my forecast is that because of the increased efforts by the bank to comply with the rules and the increased personnel mentioned by Senator D'Arcy to comply with the rules, instances of the need to sanction banks will probably be reduced because it is very clear that we have stronger rules and banks are making efforts to respect that. The Chairman is referring to matters in addition to the current individual responsibilities of the people who are on the board. In a banking institution there are still individual responsibilities for the people on the board. On top of that, one could move, presumably, towards straight individual responsibilities and make the supervisor fully accountable. That is a debate which may take place at some point.

What we wanted to do with the construction of the new system we have constructed, which has capital rules, supervision and resolution, was to make sure that the instances where one needed to impose punishments were as few as possible. This was for one simple reason, namely, that one had more people within the banks checking and more effective supervision checking that. We tried to move away from a system where there is damage and one applies a sanction to recoup the damage, to one where there is no initial damage. There are lots of lights which tell one to be careful and it is risky to go somewhere.