Mr. Aidan Carrigan:

As I pointed out in my statement, this is a first and most important step towards achieving an integrated banking union across Europe. These provisions deal with consolidating the supervision function to the ECB. That should contribute to improved financial stability across Europe, greater confidence in the markets, better functioning banks that will lend to each other and operate across borders in a way that they have not done because there was no cross-border trust. If there is a single supervisor applying clearly defined standards across the area it will generate confidence in the banking union which is an important first step. The December statement of the Heads of State has made very clear that this initial step on supervision must be complemented by further measures in respect of a co-ordinated resolution mechanism and deposit guarantee scheme. The improved dealing with bank failures will take place in the context of that resolution mechanism and deposit guarantee scheme.