Mr. Vasileios Madouros:

There are also concerns about the ability of the banking system to restructure its balance sheets in future times of macroeconomic stress. In a future downturn, if there is a deterioration in asset quality, one of the main ways that the system can ensure that it will absorb shocks rather than amplify them would be if it has the capacity and a range of tools to deal with the future deterioration in asset quality. I am not sure, however, that exemption would cover it.