1 00:00:00,767 --> 00:00:03,167 Nicholas uh and on behalf of 2 00:00:03,167 --> 00:00:05,000 Nicholas uh and on behalf of it’s my pleasure to introduce 3 00:00:05,000 --> 00:00:08,434 it’s my pleasure to introduce this session to discuss uh new 4 00:00:08,434 --> 00:00:10,500 this session to discuss uh new report suppressors by the 5 00:00:10,500 --> 00:00:12,767 report suppressors by the European Court of on Control of 6 00:00:12,767 --> 00:00:14,533 European Court of on Control of state to financial institutions 7 00:00:14,533 --> 00:00:17,933 state to financial institutions in the EU in need of a fitness 8 00:00:17,933 --> 00:00:20,167 in the EU in need of a fitness tech. so we’ll uh discuss this 9 00:00:20,167 --> 00:00:22,867 tech. so we’ll uh discuss this um with uh member of the 10 00:00:22,867 --> 00:00:24,400 um with uh member of the European Court of leaders who 11 00:00:24,400 --> 00:00:27,200 European Court of leaders who was in charge of this report. 12 00:00:27,200 --> 00:00:31,833 was in charge of this report. uh thanks to uh for joining us. 13 00:00:31,833 --> 00:00:34,567 uh thanks to uh for joining us. Has had a distinguished career 14 00:00:34,567 --> 00:00:37,167 Has had a distinguished career in the Ministry of Finance, 15 00:00:37,167 --> 00:00:39,933 in the Ministry of Finance, including in the run up to uh 16 00:00:39,933 --> 00:00:43,233 including in the run up to uh access to the EU and also the 17 00:00:43,233 --> 00:00:45,334 access to the EU and also the presidency uh and she’s been in 18 00:00:45,334 --> 00:00:47,633 presidency uh and she’s been in court for a bit more than 4 19 00:00:47,633 --> 00:00:50,466 court for a bit more than 4 years. Uh so we this is a 20 00:00:50,466 --> 00:00:51,800 years. Uh so we this is a relatively short session we 21 00:00:51,800 --> 00:00:53,566 relatively short session we will have little time because 22 00:00:53,566 --> 00:00:55,700 will have little time because we wanted to pack as much as 23 00:00:55,700 --> 00:00:58,667 we wanted to pack as much as possible um to not uh take too 24 00:00:58,667 --> 00:00:59,800 possible um to not uh take too much of the time of our 25 00:00:59,800 --> 00:01:02,301 much of the time of our audience and um and so I’m not 26 00:01:02,301 --> 00:01:04,767 audience and um and so I’m not the saying more introductions 27 00:01:04,767 --> 00:01:07,233 the saying more introductions over to you. Thank you. Uh 28 00:01:07,233 --> 00:01:08,733 over to you. Thank you. Uh thank you very much. thanks for 29 00:01:08,733 --> 00:01:11,533 thank you very much. thanks for the opportunity to uh to spread 30 00:01:11,533 --> 00:01:15,399 the opportunity to uh to spread the news about this report um 31 00:01:15,399 --> 00:01:18,334 the news about this report um let me start uh by um uh from 32 00:01:18,334 --> 00:01:20,734 let me start uh by um uh from one of the former US President 33 00:01:20,734 --> 00:01:23,533 one of the former US President Ronald Reagan, who said, um I 34 00:01:23,533 --> 00:01:24,933 Ronald Reagan, who said, um I learned from the past but I 35 00:01:24,933 --> 00:01:27,333 learned from the past but I look into the future so this is 36 00:01:27,333 --> 00:01:30,166 look into the future so this is what actually guided uh the 37 00:01:30,166 --> 00:01:31,967 what actually guided uh the Europeans in its work uh on 38 00:01:31,967 --> 00:01:34,467 Europeans in its work uh on this subject so the main 39 00:01:34,467 --> 00:01:35,899 this subject so the main message of um the report is 40 00:01:35,899 --> 00:01:36,933 message of um the report is that there is a need for a 41 00:01:36,933 --> 00:01:39,667 that there is a need for a fitness check. Of both rules on 42 00:01:39,667 --> 00:01:41,699 fitness check. Of both rules on the state, a control uh to 43 00:01:41,699 --> 00:01:43,600 the state, a control uh to financial institutions and all 44 00:01:43,600 --> 00:01:45,800 financial institutions and all the implementation of these 45 00:01:45,800 --> 00:01:47,700 the implementation of these rules uh even despite the 46 00:01:47,700 --> 00:01:49,634 rules uh even despite the uncertainties created by the 47 00:01:49,634 --> 00:01:54,267 uncertainties created by the potential impact of um of 48 00:01:54,267 --> 00:01:56,834 potential impact of um of covid-nineteen, I will now uh 49 00:01:56,834 --> 00:01:58,133 covid-nineteen, I will now uh share a couple of a couple of 50 00:01:58,133 --> 00:01:59,967 share a couple of a couple of slides with the audience so 51 00:01:59,967 --> 00:02:02,000 slides with the audience so that uh they could follow and 52 00:02:02,000 --> 00:02:03,834 that uh they could follow and because I’m won’t be able to uh 53 00:02:03,834 --> 00:02:06,667 because I’m won’t be able to uh uh tell you uh everything from 54 00:02:06,667 --> 00:02:07,966 uh tell you uh everything from the report I would only 55 00:02:07,966 --> 00:02:09,899 the report I would only concentrate on the main things 56 00:02:09,899 --> 00:02:11,967 concentrate on the main things so basically why am did we do 57 00:02:11,967 --> 00:02:15,667 so basically why am did we do this audit to be? Very concise 58 00:02:15,667 --> 00:02:18,000 this audit to be? Very concise um we want to give an account 59 00:02:18,000 --> 00:02:19,699 um we want to give an account to the European taxpayers about 60 00:02:19,699 --> 00:02:22,000 to the European taxpayers about the progress towards building a 61 00:02:22,000 --> 00:02:23,799 the progress towards building a more resilient banking sector 62 00:02:23,799 --> 00:02:26,000 more resilient banking sector in the European Union uh so 63 00:02:26,000 --> 00:02:27,533 in the European Union uh so that their money could be 64 00:02:27,533 --> 00:02:29,834 that their money could be invested better in the real 65 00:02:29,834 --> 00:02:31,600 invested better in the real economy in the health sector. 66 00:02:31,600 --> 00:02:34,666 economy in the health sector. Um I mean also in climate 67 00:02:34,666 --> 00:02:37,667 Um I mean also in climate policies and say they control 68 00:02:37,667 --> 00:02:39,833 policies and say they control uh activity in line with the 69 00:02:39,833 --> 00:02:41,967 uh activity in line with the treaty uh certainly plays a 70 00:02:41,967 --> 00:02:44,234 treaty uh certainly plays a role here uh the global. 71 00:02:44,234 --> 00:02:48,201 role here uh the global. Financial crisis of 2007 to 72 00:02:48,201 --> 00:02:50,734 Financial crisis of 2007 to 2008 uh put financial stability 73 00:02:50,734 --> 00:02:52,600 2008 uh put financial stability at the forefront of financial 74 00:02:52,600 --> 00:02:55,934 at the forefront of financial policy. Uh this is an instant 75 00:02:55,934 --> 00:02:58,200 policy. Uh this is an instant point in itself. uh the 76 00:02:58,200 --> 00:02:58,900 point in itself. uh the objective was to maintain 77 00:02:58,900 --> 00:03:00,667 objective was to maintain financial stability under the 78 00:03:00,667 --> 00:03:02,699 financial stability under the condition condition uh 79 00:03:02,699 --> 00:03:05,733 condition condition uh distortions to competition are 80 00:03:05,733 --> 00:03:07,866 distortions to competition are minimize that resulted in size 81 00:03:07,866 --> 00:03:10,000 minimize that resulted in size of the government interventions 82 00:03:10,000 --> 00:03:12,667 of the government interventions of several 1000000000000 83 00:03:12,667 --> 00:03:15,800 of several 1000000000000 between uh thousand 1008 and. 84 00:03:15,800 --> 00:03:18,400 between uh thousand 1008 and. 2011 uh that were approved by 85 00:03:18,400 --> 00:03:19,834 2011 uh that were approved by the by the commission uh and 86 00:03:19,834 --> 00:03:21,533 the by the commission uh and making time basically the 87 00:03:21,533 --> 00:03:24,533 making time basically the course to public funds uh to uh 88 00:03:24,533 --> 00:03:26,200 course to public funds uh to uh bail out financial 89 00:03:26,200 --> 00:03:28,200 bail out financial institutions. uh was the kind 90 00:03:28,200 --> 00:03:30,667 institutions. uh was the kind of a normal a normal practice, 91 00:03:30,667 --> 00:03:33,667 of a normal a normal practice, and maybe also a needed uh yet 92 00:03:33,667 --> 00:03:36,267 and maybe also a needed uh yet the political the political 93 00:03:36,267 --> 00:03:38,367 the political the political promise uh at the at the level 94 00:03:38,367 --> 00:03:40,367 promise uh at the at the level was very clear to avoid 95 00:03:40,367 --> 00:03:42,400 was very clear to avoid situations in the future where 96 00:03:42,400 --> 00:03:45,767 situations in the future where so much uh taxpayers money um. 97 00:03:45,767 --> 00:03:49,767 so much uh taxpayers money um. Go into banks, especially in 98 00:03:49,767 --> 00:03:51,533 Go into banks, especially in cases uh where problems might 99 00:03:51,533 --> 00:03:54,000 cases uh where problems might have been caused to a various 100 00:03:54,000 --> 00:03:55,467 have been caused to a various degrees by internal issues 101 00:03:55,467 --> 00:03:57,933 degrees by internal issues within this institution such as 102 00:03:57,933 --> 00:04:00,267 within this institution such as excessive risk-taking or uh 103 00:04:00,267 --> 00:04:02,866 excessive risk-taking or uh management failures. uh so now 104 00:04:02,866 --> 00:04:05,700 management failures. uh so now 10 years uh 10 years later we 105 00:04:05,700 --> 00:04:07,733 10 years uh 10 years later we observe that uh the banking 106 00:04:07,733 --> 00:04:10,634 observe that uh the banking sector remains a significant 107 00:04:10,634 --> 00:04:13,567 sector remains a significant beneficiary of state aid and 108 00:04:13,567 --> 00:04:16,500 beneficiary of state aid and this happens despite um much 109 00:04:16,500 --> 00:04:18,800 this happens despite um much better economic environment in 110 00:04:18,800 --> 00:04:21,234 better economic environment in 2013, 2018 and more resilient. 111 00:04:21,234 --> 00:04:23,067 2013, 2018 and more resilient. Sector with some cabinets, of 112 00:04:23,067 --> 00:04:24,767 Sector with some cabinets, of of course, but the overall 113 00:04:24,767 --> 00:04:25,966 of course, but the overall consensus sees that the banking 114 00:04:25,966 --> 00:04:27,967 consensus sees that the banking sector uh in that period was 115 00:04:27,967 --> 00:04:30,899 sector uh in that period was more uh more resilient uh new 116 00:04:30,899 --> 00:04:33,234 more uh more resilient uh new regulatory framework and mainly 117 00:04:33,234 --> 00:04:35,967 regulatory framework and mainly single uh supervision of banks 118 00:04:35,967 --> 00:04:37,401 single uh supervision of banks uh bank recovery and resolution 119 00:04:37,401 --> 00:04:39,000 uh bank recovery and resolution uh single resource mechanism 120 00:04:39,000 --> 00:04:42,234 uh single resource mechanism and new institutions to uh to 121 00:04:42,234 --> 00:04:44,000 and new institutions to uh to implement the new regulatory 122 00:04:44,000 --> 00:04:47,167 implement the new regulatory frame. 123 00:04:47,267 --> 00:04:50,866 Uh in the context of uh what I 124 00:04:50,866 --> 00:04:51,800 Uh in the context of uh what I said about the general 125 00:04:51,800 --> 00:04:54,267 said about the general environment, uh it is important 126 00:04:54,267 --> 00:04:57,733 environment, uh it is important to see if uh the rules uh in 127 00:04:57,733 --> 00:05:00,466 to see if uh the rules uh in place um actually optimal to 128 00:05:00,466 --> 00:05:02,000 place um actually optimal to ensure the achievement of the 129 00:05:02,000 --> 00:05:04,233 ensure the achievement of the objective and if the commission 130 00:05:04,233 --> 00:05:06,800 objective and if the commission that is irresponsible for 131 00:05:06,800 --> 00:05:09,367 that is irresponsible for upholding the principles of the 132 00:05:09,367 --> 00:05:11,434 upholding the principles of the threeD uh on the general 133 00:05:11,434 --> 00:05:13,733 threeD uh on the general Prohibition of state ensured 134 00:05:13,733 --> 00:05:14,933 Prohibition of state ensured that the aid was indeed 135 00:05:14,933 --> 00:05:17,967 that the aid was indeed exceptional. And uh limited to 136 00:05:17,967 --> 00:05:20,400 exceptional. And uh limited to the minimum necessary uh of 137 00:05:20,400 --> 00:05:22,000 the minimum necessary uh of course, uh they’re all of the 138 00:05:22,000 --> 00:05:24,667 course, uh they’re all of the commission is the controller of 139 00:05:24,667 --> 00:05:27,133 commission is the controller of state aid. uh uh cannot be in 140 00:05:27,133 --> 00:05:29,400 state aid. uh uh cannot be in isolation uh the chain uh 141 00:05:29,400 --> 00:05:31,834 isolation uh the chain uh leading to state aid is 142 00:05:31,834 --> 00:05:33,667 leading to state aid is actually very long uh bank 143 00:05:33,667 --> 00:05:35,699 actually very long uh bank management external auditors uh 144 00:05:35,699 --> 00:05:37,967 management external auditors uh member states deciding uh to 145 00:05:37,967 --> 00:05:39,899 member states deciding uh to support the bank a bank 146 00:05:39,899 --> 00:05:42,967 support the bank a bank supervisors and uh a resolution 147 00:05:42,967 --> 00:05:45,933 supervisors and uh a resolution authorities so now let me come 148 00:05:45,933 --> 00:05:46,899 authorities so now let me come to our findings and 149 00:05:46,899 --> 00:05:47,933 to our findings and recommendations as I said I 150 00:05:47,933 --> 00:05:51,967 recommendations as I said I will focus. The uh on the areas 151 00:05:51,967 --> 00:05:54,433 will focus. The uh on the areas where we saw challenges uh 152 00:05:54,433 --> 00:05:56,000 where we saw challenges uh while in the report, there are 153 00:05:56,000 --> 00:05:59,866 while in the report, there are also uh various examples of um 154 00:05:59,866 --> 00:06:01,467 also uh various examples of um positive practices of the 155 00:06:01,467 --> 00:06:02,899 positive practices of the commission. Uh let me start 156 00:06:02,899 --> 00:06:05,234 commission. Uh let me start from the most important one 157 00:06:05,234 --> 00:06:07,067 from the most important one related to the framework and 158 00:06:07,067 --> 00:06:09,234 related to the framework and rules as well as the 159 00:06:09,234 --> 00:06:11,967 rules as well as the implementation uh the state of 160 00:06:11,967 --> 00:06:14,667 implementation uh the state of the rules um have not uh been 161 00:06:14,667 --> 00:06:18,400 the rules um have not uh been reviewed since 2013 despite um 162 00:06:18,400 --> 00:06:20,733 reviewed since 2013 despite um significant progress. In 163 00:06:20,733 --> 00:06:22,467 significant progress. In building the banking union, I 164 00:06:22,467 --> 00:06:24,767 building the banking union, I refer to um I refer to above 165 00:06:24,767 --> 00:06:27,533 refer to um I refer to above and cannot be excluded in a way 166 00:06:27,533 --> 00:06:29,167 and cannot be excluded in a way that uh the two frameworks 167 00:06:29,167 --> 00:06:31,401 that uh the two frameworks basically state aid uh state 168 00:06:31,401 --> 00:06:33,400 basically state aid uh state control framework and uh Br 169 00:06:33,400 --> 00:06:35,833 control framework and uh Br Framework, Bank recovery and 170 00:06:35,833 --> 00:06:36,767 Framework, Bank recovery and resolution directly framework 171 00:06:36,767 --> 00:06:39,767 resolution directly framework uh not really convergent and uh 172 00:06:39,767 --> 00:06:41,167 uh not really convergent and uh there might be a certain 173 00:06:41,167 --> 00:06:44,733 there might be a certain tensions between that uh 174 00:06:44,733 --> 00:06:47,967 tensions between that uh besides in our view uh the 175 00:06:47,967 --> 00:06:49,200 besides in our view uh the framework the rules have 176 00:06:49,200 --> 00:06:51,000 framework the rules have certain deficiencies such as 177 00:06:51,000 --> 00:06:54,933 certain deficiencies such as uh. They do not define and they 178 00:06:54,933 --> 00:06:57,667 uh. They do not define and they present no criteria for a key 179 00:06:57,667 --> 00:06:59,866 present no criteria for a key concept of a serious 180 00:06:59,866 --> 00:07:01,266 concept of a serious disturbance and financial 181 00:07:01,266 --> 00:07:02,733 disturbance and financial stability that should be sent 182 00:07:02,733 --> 00:07:05,734 stability that should be sent in the assessment of uh a case 183 00:07:05,734 --> 00:07:08,300 in the assessment of uh a case uh they also um leave uh too 184 00:07:08,300 --> 00:07:11,700 uh they also um leave uh too much room for interpretation by 185 00:07:11,700 --> 00:07:14,000 much room for interpretation by various authorities pursuing uh 186 00:07:14,000 --> 00:07:15,933 various authorities pursuing uh sometimes different objectives, 187 00:07:15,933 --> 00:07:19,067 sometimes different objectives, although fully in line with the 188 00:07:19,067 --> 00:07:23,966 although fully in line with the mandate uh similar to the. Of 189 00:07:23,966 --> 00:07:26,133 mandate uh similar to the. Of revision of the state enforce 190 00:07:26,133 --> 00:07:27,667 revision of the state enforce the commission um did not 191 00:07:27,667 --> 00:07:30,201 the commission um did not perform any formal evaluation 192 00:07:30,201 --> 00:07:32,166 perform any formal evaluation uh to assess whether the state 193 00:07:32,166 --> 00:07:34,066 uh to assess whether the state rules for financial sector have 194 00:07:34,066 --> 00:07:38,099 rules for financial sector have actually walked so uh whether 195 00:07:38,099 --> 00:07:39,767 actually walked so uh whether they um were in line in 196 00:07:39,767 --> 00:07:43,233 they um were in line in practice with the objectives of 197 00:07:43,233 --> 00:07:46,367 practice with the objectives of um respective article of the uh 198 00:07:46,367 --> 00:07:47,933 um respective article of the uh regarding implementation, we 199 00:07:47,933 --> 00:07:50,267 regarding implementation, we identified areas where uh the 200 00:07:50,267 --> 00:07:51,400 identified areas where uh the commissions performance could 201 00:07:51,400 --> 00:07:55,967 commissions performance could be improved. uh, for example. 202 00:08:23,299 --> 00:08:26,867 State uh we are in effect uh 203 00:08:26,867 --> 00:08:28,401 State uh we are in effect uh interested interested parties 204 00:08:28,401 --> 00:08:30,767 interested interested parties in uh in a particular case so 205 00:08:30,767 --> 00:08:32,733 in uh in a particular case so our first recommendation to the 206 00:08:32,733 --> 00:08:35,067 our first recommendation to the commission actually covers 207 00:08:35,067 --> 00:08:36,533 commission actually covers these of these points um and 208 00:08:36,533 --> 00:08:39,000 these of these points um and I’m uh I’m actually pleased to 209 00:08:39,000 --> 00:08:40,433 I’m uh I’m actually pleased to tell you that the commission 210 00:08:40,433 --> 00:08:42,933 tell you that the commission has acknowledge uh the need to 211 00:08:42,933 --> 00:08:44,234 has acknowledge uh the need to carry out an evaluation of 212 00:08:44,234 --> 00:08:45,700 carry out an evaluation of state rules. uh more 213 00:08:45,700 --> 00:08:48,533 state rules. uh more specifically, we suggested uh 214 00:08:48,533 --> 00:08:54,267 specifically, we suggested uh such evaluation um sending out. 215 00:09:24,533 --> 00:09:26,700 Conditions for compatibility of 216 00:09:26,700 --> 00:09:28,434 Conditions for compatibility of precautionary measures and aid 217 00:09:28,434 --> 00:09:31,266 precautionary measures and aid in resolution thus effectively 218 00:09:31,266 --> 00:09:32,467 in resolution thus effectively ensuring consistency between 219 00:09:32,467 --> 00:09:33,933 ensuring consistency between between the sets of rules 220 00:09:33,933 --> 00:09:36,367 between the sets of rules applicable namely the banking 221 00:09:36,367 --> 00:09:37,967 applicable namely the banking the banking communication of 222 00:09:37,967 --> 00:09:40,801 the banking communication of 2013 and uh bank recovery and 223 00:09:40,801 --> 00:09:45,533 2013 and uh bank recovery and resolution uh directive. 224 00:10:43,499 --> 00:10:45,767 The as regards to 225 00:10:45,767 --> 00:10:46,934 The as regards to justification, the reasoning 226 00:10:46,934 --> 00:10:49,966 justification, the reasoning and the economic assessment of 227 00:10:49,966 --> 00:10:52,566 and the economic assessment of uh uh of of a draft decision, 228 00:10:52,566 --> 00:10:54,733 uh uh of of a draft decision, which goes in fact in line uh 229 00:10:54,733 --> 00:10:56,801 which goes in fact in line uh our findings about the level of 230 00:10:56,801 --> 00:11:00,533 our findings about the level of data in assessments um case 231 00:11:00,533 --> 00:11:02,767 data in assessments um case activities uh mostly adhere to 232 00:11:02,767 --> 00:11:04,399 activities uh mostly adhere to internal processes with some 233 00:11:04,399 --> 00:11:05,634 internal processes with some room for improvements regarding 234 00:11:05,634 --> 00:11:08,167 room for improvements regarding the registration of all files 235 00:11:08,167 --> 00:11:11,300 the registration of all files uh in uh for a particular case 236 00:11:11,300 --> 00:11:14,334 uh in uh for a particular case uh the state. Procedure is 237 00:11:14,334 --> 00:11:15,667 uh the state. Procedure is where where we’re mostly in 238 00:11:15,667 --> 00:11:17,699 where where we’re mostly in line uh with both formal and 239 00:11:17,699 --> 00:11:19,933 line uh with both formal and non binding guidance of the 240 00:11:19,933 --> 00:11:21,800 non binding guidance of the commission. sometimes they were 241 00:11:21,800 --> 00:11:24,400 commission. sometimes they were too lengthy. uh also they could 242 00:11:24,400 --> 00:11:26,534 too lengthy. uh also they could have been more transparent. I 243 00:11:26,534 --> 00:11:28,834 have been more transparent. I mean here the extensive use of 244 00:11:28,834 --> 00:11:32,533 mean here the extensive use of uh of the pre notification um 245 00:11:32,533 --> 00:11:36,400 uh of the pre notification um the contact and finally uh a 246 00:11:36,400 --> 00:11:37,966 the contact and finally uh a publication of decisions uh was 247 00:11:37,966 --> 00:11:39,367 publication of decisions uh was often delayed for various 248 00:11:39,367 --> 00:11:41,133 often delayed for various reasons. I must say not always 249 00:11:41,133 --> 00:11:42,800 reasons. I must say not always due to uh due to uh the 250 00:11:42,800 --> 00:11:45,400 due to uh due to uh the commission. And based on these 251 00:11:45,400 --> 00:11:47,667 commission. And based on these findings we recommend to the 252 00:11:47,667 --> 00:11:50,367 findings we recommend to the commission to increase 253 00:11:50,367 --> 00:11:51,967 commission to increase efficiency accountability um 254 00:11:51,967 --> 00:11:53,767 efficiency accountability um and also transparency of its 255 00:11:53,767 --> 00:11:56,899 and also transparency of its case can procedures along the 256 00:11:56,899 --> 00:11:58,834 case can procedures along the following main lines uh to 257 00:11:58,834 --> 00:11:59,966 following main lines uh to improve the document management 258 00:11:59,966 --> 00:12:03,367 improve the document management so that all files all uh 259 00:12:03,367 --> 00:12:05,300 so that all files all uh documents related to a specific 260 00:12:05,300 --> 00:12:08,000 documents related to a specific case uh uh a registered 261 00:12:08,000 --> 00:12:10,534 case uh uh a registered properly uh in order to meet 262 00:12:10,534 --> 00:12:12,700 properly uh in order to meet the requirement for eventual 263 00:12:12,700 --> 00:12:13,966 the requirement for eventual public scrutiny uh to 264 00:12:13,966 --> 00:12:15,866 public scrutiny uh to encourage. Member states to 265 00:12:15,866 --> 00:12:19,200 encourage. Member states to base uh pre notification 266 00:12:19,200 --> 00:12:22,800 base uh pre notification contacts on on uh notifications 267 00:12:22,800 --> 00:12:25,333 contacts on on uh notifications and not to exceed uh 6 month uh 268 00:12:25,333 --> 00:12:28,000 and not to exceed uh 6 month uh limit for those which is in 269 00:12:28,000 --> 00:12:29,967 limit for those which is in line with the commissions. uh 270 00:12:29,967 --> 00:12:34,499 line with the commissions. uh uh best uh best practice of um 271 00:12:34,499 --> 00:12:37,633 uh best uh best practice of um the crisis rules on state aid 272 00:12:37,633 --> 00:12:39,699 the crisis rules on state aid also required to limit uh 273 00:12:39,699 --> 00:12:41,233 also required to limit uh distortion uh to competition 274 00:12:41,233 --> 00:12:43,300 distortion uh to competition that can be achieved by keeping 275 00:12:43,300 --> 00:12:46,300 that can be achieved by keeping aid. 276 00:14:17,401 --> 00:14:18,767 Always reflect uh the 277 00:14:18,767 --> 00:14:19,967 Always reflect uh the commission activities 278 00:14:19,967 --> 00:14:22,367 commission activities themselves, therefore, in order 279 00:14:22,367 --> 00:14:24,634 themselves, therefore, in order to demonstrate the effect of 280 00:14:24,634 --> 00:14:25,766 to demonstrate the effect of state control and control and 281 00:14:25,766 --> 00:14:28,466 state control and control and to transparency and 282 00:14:28,466 --> 00:14:30,634 to transparency and accountability, we recommend to 283 00:14:30,634 --> 00:14:32,734 accountability, we recommend to the commission to define 284 00:14:32,734 --> 00:14:34,233 the commission to define suitable and relevant 285 00:14:34,233 --> 00:14:37,767 suitable and relevant indicators uh for effective 286 00:14:37,767 --> 00:14:39,866 indicators uh for effective performance for effective 287 00:14:39,866 --> 00:14:42,367 performance for effective performance uh measurement uh 288 00:14:42,367 --> 00:14:46,733 performance uh measurement uh so to sum up uh we uh the 289 00:14:46,733 --> 00:14:48,767 so to sum up uh we uh the European Court has invited the 290 00:14:48,767 --> 00:14:50,166 European Court has invited the commission uh to perform an in 291 00:14:50,166 --> 00:14:53,201 commission uh to perform an in depth. Of stated rules for 292 00:14:53,201 --> 00:14:56,700 depth. Of stated rules for banks and engage in a debate uh 293 00:14:56,700 --> 00:14:58,534 banks and engage in a debate uh other stakeholders uh notably 294 00:14:58,534 --> 00:14:59,667 other stakeholders uh notably the council and the European 295 00:14:59,667 --> 00:15:01,934 the council and the European Parliament in order to ensure 296 00:15:01,934 --> 00:15:03,967 Parliament in order to ensure that the rules are fit for the 297 00:15:03,967 --> 00:15:05,367 that the rules are fit for the purpose at any point in time 298 00:15:05,367 --> 00:15:07,967 purpose at any point in time and that uh they contribute to 299 00:15:07,967 --> 00:15:11,133 and that uh they contribute to uh to why their objectives uh 300 00:15:11,133 --> 00:15:12,767 uh to why their objectives uh of the European Union in the 301 00:15:12,767 --> 00:15:15,267 of the European Union in the field of uh financial sector. 302 00:15:15,267 --> 00:15:17,600 field of uh financial sector. so I will stop here at Nicola. 303 00:15:17,600 --> 00:15:19,634 so I will stop here at Nicola. Thank you. thanks and thanks to 304 00:15:19,634 --> 00:15:20,634 Thank you. thanks and thanks to you and for the audience for 305 00:15:20,634 --> 00:15:26,367 you and for the audience for the attention. Uh over to thank 306 00:15:26,367 --> 00:15:29,833 the attention. Uh over to thank you that was very um succeed 307 00:15:29,833 --> 00:15:31,900 you that was very um succeed and uh and helpful to 308 00:15:31,900 --> 00:15:33,967 and uh and helpful to understand uh both the intent 309 00:15:33,967 --> 00:15:35,533 understand uh both the intent and as content of the report, 310 00:15:35,533 --> 00:15:38,033 and as content of the report, uh we already have questions on 311 00:15:38,033 --> 00:15:39,667 uh we already have questions on slide so for those who are not 312 00:15:39,667 --> 00:15:41,967 slide so for those who are not familiar with our platform, you 313 00:15:41,967 --> 00:15:44,000 familiar with our platform, you have to go on the your web 314 00:15:44,000 --> 00:15:47,767 have to go on the your web browser to Slide S dot com and 315 00:15:47,767 --> 00:15:50,000 browser to Slide S dot com and enter the code State aid uh in 316 00:15:50,000 --> 00:15:54,801 enter the code State aid uh in one word, SC ATEA. Uh and uh 317 00:15:54,801 --> 00:15:55,767 one word, SC ATEA. Uh and uh that’s where you can ask 318 00:15:55,767 --> 00:15:57,667 that’s where you can ask questions some have already 319 00:15:57,667 --> 00:15:59,799 questions some have already started so let me let me go 320 00:15:59,799 --> 00:16:01,867 started so let me let me go there and take it from there. 321 00:16:01,867 --> 00:16:05,767 there and take it from there. Um so first question is uh as 322 00:16:05,767 --> 00:16:07,734 Um so first question is uh as you mentioned the current 323 00:16:07,734 --> 00:16:09,434 you mentioned the current communication uh was written in 324 00:16:09,434 --> 00:16:12,500 communication uh was written in 2013. Now we have had some uh 325 00:16:12,500 --> 00:16:14,667 2013. Now we have had some uh adjustments in the context of 326 00:16:14,667 --> 00:16:15,767 adjustments in the context of covid-nineteen, but there have 327 00:16:15,767 --> 00:16:18,966 covid-nineteen, but there have been uh 5 year uh sorry 7 years 328 00:16:18,966 --> 00:16:20,466 been uh 5 year uh sorry 7 years without a chance to get 329 00:16:20,466 --> 00:16:22,767 without a chance to get communication even. Market 330 00:16:22,767 --> 00:16:24,500 communication even. Market conditions change enormously 331 00:16:24,500 --> 00:16:27,034 conditions change enormously and favorably uh during that 332 00:16:27,034 --> 00:16:28,334 and favorably uh during that seven-year period. How do you? 333 00:16:28,334 --> 00:16:31,434 seven-year period. How do you? how do you explain that the 334 00:16:31,434 --> 00:16:33,799 how do you explain that the commission hasn’t uh state 335 00:16:33,799 --> 00:16:35,433 commission hasn’t uh state communication for banks and 336 00:16:35,433 --> 00:16:37,800 communication for banks and what have been the obstacles 337 00:16:37,800 --> 00:16:40,466 what have been the obstacles including political obstacles 338 00:16:40,466 --> 00:16:41,700 including political obstacles in your judgment? Thank you 339 00:16:41,700 --> 00:16:44,233 in your judgment? Thank you well uh it is difficult to 340 00:16:44,233 --> 00:16:45,801 well uh it is difficult to answer the question why the 341 00:16:45,801 --> 00:16:47,301 answer the question why the commission uh did not uh did 342 00:16:47,301 --> 00:16:49,434 commission uh did not uh did not perform such kind of such 343 00:16:49,434 --> 00:16:51,934 not perform such kind of such kind of assessment Uh I. Think 344 00:16:51,934 --> 00:16:55,833 kind of assessment Uh I. Think uh I that uh in in in the 345 00:16:55,833 --> 00:16:57,000 uh I that uh in in in the replies uh because the 346 00:16:57,000 --> 00:16:58,499 replies uh because the commissions replies to the 347 00:16:58,499 --> 00:17:01,200 commissions replies to the report, uh also published 348 00:17:01,200 --> 00:17:03,367 report, uh also published together with the report uh the 349 00:17:03,367 --> 00:17:04,000 together with the report uh the Commission actually provides 350 00:17:04,000 --> 00:17:07,233 Commission actually provides some some explanation uh some 351 00:17:07,233 --> 00:17:08,733 some some explanation uh some explanations uh in a way that 352 00:17:08,733 --> 00:17:12,934 explanations uh in a way that uh uh the crisis uh was not yet 353 00:17:12,934 --> 00:17:14,267 uh uh the crisis uh was not yet fully over there were still 354 00:17:14,267 --> 00:17:15,667 fully over there were still pockets of instability in 355 00:17:15,667 --> 00:17:18,933 pockets of instability in barriers uh in various member 356 00:17:18,933 --> 00:17:22,299 barriers uh in various member states. uh the levels of MPs in 357 00:17:22,299 --> 00:17:24,766 states. uh the levels of MPs in some member states was still uh 358 00:17:24,766 --> 00:17:28,466 some member states was still uh relative. Hi, so uh this was uh 359 00:17:28,466 --> 00:17:31,500 relative. Hi, so uh this was uh basically um the commissions 360 00:17:31,500 --> 00:17:34,000 basically um the commissions the commissions line of 361 00:17:34,000 --> 00:17:38,834 the commissions line of documentation uh in terms of uh 362 00:17:38,834 --> 00:17:40,667 documentation uh in terms of uh in terms of Kobe, I think it’s 363 00:17:40,667 --> 00:17:42,300 in terms of Kobe, I think it’s it’s a separate question 364 00:17:42,300 --> 00:17:46,699 it’s a separate question actually and um we did not uh 365 00:17:46,699 --> 00:17:48,234 actually and um we did not uh look and into the coveted 366 00:17:48,234 --> 00:17:49,733 look and into the coveted context of the whole story. we 367 00:17:49,733 --> 00:17:51,334 context of the whole story. we have uh we have a paragraph in 368 00:17:51,334 --> 00:17:53,967 have uh we have a paragraph in the report uh that uh refers to 369 00:17:53,967 --> 00:17:56,967 the report uh that uh refers to the temporary framework uh of. 370 00:17:56,967 --> 00:17:58,334 the temporary framework uh of. Of the commission, which we did 371 00:17:58,334 --> 00:18:00,933 Of the commission, which we did not did not analyze obviously 372 00:18:00,933 --> 00:18:04,867 not did not analyze obviously uh but uh looking forward uh I 373 00:18:04,867 --> 00:18:06,599 uh but uh looking forward uh I would I would rather ask a 374 00:18:06,599 --> 00:18:10,299 would I would rather ask a question if uh if it’s some 375 00:18:10,299 --> 00:18:12,133 question if uh if it’s some stage um we arrive at the 376 00:18:12,133 --> 00:18:14,200 stage um we arrive at the situation where banks do face 377 00:18:14,200 --> 00:18:15,867 situation where banks do face uh or some of them or in some 378 00:18:15,867 --> 00:18:17,867 uh or some of them or in some countries face uh a serious 379 00:18:17,867 --> 00:18:20,833 countries face uh a serious problems is uh the current is 380 00:18:20,833 --> 00:18:22,299 problems is uh the current is the current framework uh 381 00:18:22,299 --> 00:18:23,767 the current framework uh actually fit for the purpose. 382 00:18:23,767 --> 00:18:25,600 actually fit for the purpose. Yeah. So this is this is kind 383 00:18:25,600 --> 00:18:29,267 Yeah. So this is this is kind of AA counter counter question 384 00:18:29,267 --> 00:18:33,933 of AA counter counter question uh. Because uh because you know 385 00:18:33,933 --> 00:18:35,867 uh. Because uh because you know given some some of uh 386 00:18:35,867 --> 00:18:37,033 given some some of uh uncertainties inconsistencies 387 00:18:37,033 --> 00:18:39,100 uncertainties inconsistencies we have described in the 388 00:18:39,100 --> 00:18:41,033 we have described in the report. Uh there is a risk of 389 00:18:41,033 --> 00:18:43,399 report. Uh there is a risk of there might be a risk that uh 390 00:18:43,399 --> 00:18:48,867 there might be a risk that uh um in case of a massive need uh 391 00:18:48,867 --> 00:18:51,333 um in case of a massive need uh for uh support to a financial 392 00:18:51,333 --> 00:18:53,834 for uh support to a financial sector uh the current rules 393 00:18:53,834 --> 00:18:55,800 sector uh the current rules might not work uh in an optimal 394 00:18:55,800 --> 00:18:58,534 might not work uh in an optimal way and also it’s not in the 395 00:18:58,534 --> 00:19:03,400 way and also it’s not in the report is. My personal view the 396 00:19:03,400 --> 00:19:06,234 report is. My personal view the uh the resources that where 397 00:19:06,234 --> 00:19:07,333 uh the resources that where where we’re available for 398 00:19:07,333 --> 00:19:09,067 where we’re available for support of the banking sector 399 00:19:09,067 --> 00:19:11,533 support of the banking sector in the past might not be 400 00:19:11,533 --> 00:19:13,301 in the past might not be available now you financial 401 00:19:13,301 --> 00:19:15,700 available now you financial resources or human resources. 402 00:19:15,700 --> 00:19:18,400 resources or human resources. Yes financial resources that I 403 00:19:18,400 --> 00:19:21,367 Yes financial resources that I mentioned uh that we that we um 404 00:19:21,367 --> 00:19:23,300 mentioned uh that we that we um have reported in the banking 405 00:19:23,300 --> 00:19:24,833 have reported in the banking sector in that period of time 406 00:19:24,833 --> 00:19:26,234 sector in that period of time might not be available now. 407 00:19:26,234 --> 00:19:28,933 might not be available now. Yeah. So when you see the rules 408 00:19:28,933 --> 00:19:31,533 Yeah. So when you see the rules may not be uh the right ones 409 00:19:31,533 --> 00:19:32,733 may not be uh the right ones for possible future 410 00:19:32,733 --> 00:19:33,599 for possible future intervention banking sector as 411 00:19:33,599 --> 00:19:34,999 intervention banking sector as a consequence of the 412 00:19:34,999 --> 00:19:36,933 a consequence of the covid-nineteen. Prizes Can you 413 00:19:36,933 --> 00:19:39,200 covid-nineteen. Prizes Can you be a little bit more specific 414 00:19:39,200 --> 00:19:41,567 be a little bit more specific and tell us uh what piece of 415 00:19:41,567 --> 00:19:43,634 and tell us uh what piece of the rules do you think could be 416 00:19:43,634 --> 00:19:46,334 the rules do you think could be uh put into question there 417 00:19:46,334 --> 00:19:47,967 uh put into question there well? uh that’s that’s again. I 418 00:19:47,967 --> 00:19:49,800 well? uh that’s that’s again. I mean uh going a little bit 419 00:19:49,800 --> 00:19:51,933 mean uh going a little bit beyond what we did because then 420 00:19:51,933 --> 00:19:53,333 beyond what we did because then we would need to also look at 421 00:19:53,333 --> 00:19:55,833 we would need to also look at it in detail as event recover 422 00:19:55,833 --> 00:19:56,834 it in detail as event recover resolution directive that I 423 00:19:56,834 --> 00:19:58,267 resolution directive that I take it as a personal question 424 00:19:58,267 --> 00:19:59,700 take it as a personal question to you and not a question about 425 00:19:59,700 --> 00:20:02,334 to you and not a question about them before Yes III think that 426 00:20:02,334 --> 00:20:04,099 them before Yes III think that then I mean there would be a 427 00:20:04,099 --> 00:20:06,467 then I mean there would be a need need to to the 428 00:20:06,467 --> 00:20:07,766 need need to to the inconsistencies that to be 429 00:20:07,766 --> 00:20:09,034 inconsistencies that to be identified in the report to 430 00:20:09,034 --> 00:20:11,067 identified in the report to some extent and uh that are 431 00:20:11,067 --> 00:20:14,133 some extent and uh that are identified. 432 00:21:10,934 --> 00:21:13,600 I put my fingerprints on the 433 00:21:13,600 --> 00:21:18,434 I put my fingerprints on the report uh mid forty or um I was 434 00:21:18,434 --> 00:21:19,533 report uh mid forty or um I was grateful to be included by the 435 00:21:19,533 --> 00:21:20,199 grateful to be included by the way it was an inst 436 00:21:20,199 --> 00:21:22,499 way it was an inst conversation. Uh yeah, I’ll 437 00:21:22,499 --> 00:21:23,800 conversation. Uh yeah, I’ll I’ll come back to another 438 00:21:23,800 --> 00:21:24,400 I’ll come back to another point, which which you 439 00:21:24,400 --> 00:21:25,767 point, which which you mentioned in your presentation, 440 00:21:25,767 --> 00:21:28,533 mentioned in your presentation, which is the uh the suitcase 441 00:21:28,533 --> 00:21:30,933 which is the uh the suitcase for parts of European 442 00:21:30,933 --> 00:21:33,299 for parts of European Commission of their practice of 443 00:21:33,299 --> 00:21:36,299 Commission of their practice of state control. Um can you give 444 00:21:36,299 --> 00:21:38,500 state control. Um can you give us a little bit color on that 445 00:21:38,500 --> 00:21:41,366 us a little bit color on that process of evaluation and uh if 446 00:21:41,366 --> 00:21:42,600 process of evaluation and uh if how does the commission avoid 447 00:21:42,600 --> 00:21:45,800 how does the commission avoid the inherent interest of? 448 00:21:45,800 --> 00:21:47,200 the inherent interest of? Evacuations right, I mean how 449 00:21:47,200 --> 00:21:49,167 Evacuations right, I mean how is independent enough to be 450 00:21:49,167 --> 00:21:52,334 is independent enough to be relevant 451 00:21:52,367 --> 00:21:54,534 in this complex Uh yeah well, 452 00:21:54,534 --> 00:21:57,166 in this complex Uh yeah well, if if you mean the evaluation 453 00:21:57,166 --> 00:21:59,333 if if you mean the evaluation of uh the state rules 454 00:21:59,333 --> 00:22:02,300 of uh the state rules themselves, yes, so so 455 00:22:02,300 --> 00:22:03,167 themselves, yes, so so evaluation that you called for 456 00:22:03,167 --> 00:22:07,467 evaluation that you called for a report and that uh up to do 457 00:22:07,467 --> 00:22:09,067 a report and that uh up to do yes, I think well in the report 458 00:22:09,067 --> 00:22:12,266 yes, I think well in the report we mentioned uh we mentioned 459 00:22:12,266 --> 00:22:13,800 we mentioned uh we mentioned two pieces of uh of assessment 460 00:22:13,800 --> 00:22:17,866 two pieces of uh of assessment of fibrillation that. 461 00:22:48,700 --> 00:22:52,266 To kind of assess uh the 462 00:22:52,266 --> 00:22:53,899 To kind of assess uh the function of the crisis, rules 463 00:22:53,899 --> 00:22:56,333 function of the crisis, rules and secondly, there was also a 464 00:22:56,333 --> 00:22:59,233 and secondly, there was also a study commission the European 465 00:22:59,233 --> 00:23:00,934 study commission the European Parliament again. Um you know 466 00:23:00,934 --> 00:23:04,567 Parliament again. Um you know around the same time uh and the 467 00:23:04,567 --> 00:23:05,300 around the same time uh and the conclusions of both they are 468 00:23:05,300 --> 00:23:06,733 conclusions of both they are they’re slightly contradictory. 469 00:23:06,733 --> 00:23:07,834 they’re slightly contradictory. They’re they are not the same 470 00:23:07,834 --> 00:23:09,000 They’re they are not the same well they should be the same, 471 00:23:09,000 --> 00:23:11,367 well they should be the same, but they are they’re quite 472 00:23:11,367 --> 00:23:12,600 but they are they’re quite contradictory and we we saw 473 00:23:12,600 --> 00:23:16,400 contradictory and we we saw this in the report again so uh 474 00:23:16,400 --> 00:23:18,433 this in the report again so uh and now ready for as you said, 475 00:23:18,433 --> 00:23:20,534 and now ready for as you said, also more than a you know 7 476 00:23:20,534 --> 00:23:25,900 also more than a you know 7 years. Uh there is no formal 477 00:23:25,900 --> 00:23:27,467 years. Uh there is no formal assessment of how the rules 478 00:23:27,467 --> 00:23:30,634 assessment of how the rules actually function and from uh 479 00:23:30,634 --> 00:23:32,667 actually function and from uh the perspective uh we looked at 480 00:23:32,667 --> 00:23:33,967 the perspective uh we looked at uh you know we look at the 481 00:23:33,967 --> 00:23:35,333 uh you know we look at the better regulation at better 482 00:23:35,333 --> 00:23:37,833 better regulation at better relation principles that are 483 00:23:37,833 --> 00:23:40,434 relation principles that are applicable um across the board 484 00:23:40,434 --> 00:23:42,799 applicable um across the board and uh well from that 485 00:23:42,799 --> 00:23:45,467 and uh well from that perspective we saw the need uh 486 00:23:45,467 --> 00:23:46,666 perspective we saw the need uh for such an aviation and as I 487 00:23:46,666 --> 00:23:48,634 for such an aviation and as I said, I mean the commission uh 488 00:23:48,634 --> 00:23:50,900 said, I mean the commission uh the commission has has finally 489 00:23:50,900 --> 00:23:53,000 the commission has has finally acknowledge uh the need. Also 490 00:23:53,000 --> 00:23:55,300 acknowledge uh the need. Also committed to perform such a 491 00:23:55,300 --> 00:23:56,834 committed to perform such a revelation of course might 492 00:23:56,834 --> 00:24:00,867 revelation of course might introduce some uh some um some 493 00:24:00,867 --> 00:24:02,367 introduce some uh some um some dimensions here uh on the one 494 00:24:02,367 --> 00:24:04,733 dimensions here uh on the one hand it might delay such uh 495 00:24:04,733 --> 00:24:05,967 hand it might delay such uh such a collaboration on the 496 00:24:05,967 --> 00:24:09,834 such a collaboration on the other hand uh it might it might 497 00:24:09,834 --> 00:24:11,500 other hand uh it might it might also need such an evaluation 498 00:24:11,500 --> 00:24:13,699 also need such an evaluation and potential improvements. uh 499 00:24:13,699 --> 00:24:16,401 and potential improvements. uh more urgent than before. Yeah. 500 00:24:16,401 --> 00:24:17,967 more urgent than before. Yeah. So here. II can’t I can’t make 501 00:24:17,967 --> 00:24:19,267 So here. II can’t I can’t make a judgement, but there can be 502 00:24:19,267 --> 00:24:21,433 a judgement, but there can be these two dimensions right um 503 00:24:21,433 --> 00:24:24,934 these two dimensions right um we have a. 504 00:25:24,267 --> 00:25:25,867 Twenty you mean the temporary 505 00:25:25,867 --> 00:25:28,466 Twenty you mean the temporary frame you no no no no a 506 00:25:28,466 --> 00:25:30,734 frame you no no no no a temporary framework is not is 507 00:25:30,734 --> 00:25:33,867 temporary framework is not is not in our report uh but I mean 508 00:25:33,867 --> 00:25:35,300 not in our report uh but I mean the temporary framework is 509 00:25:35,300 --> 00:25:36,767 the temporary framework is erratically again. It’s not the 510 00:25:36,767 --> 00:25:38,900 erratically again. It’s not the report, but it’s it’s it’s 511 00:25:38,900 --> 00:25:41,033 report, but it’s it’s it’s clear uh that everything that’s 512 00:25:41,033 --> 00:25:44,467 clear uh that everything that’s elected uh to coveted uh is 513 00:25:44,467 --> 00:25:47,067 elected uh to coveted uh is compatible. Yeah uh but uh we 514 00:25:47,067 --> 00:25:48,234 compatible. Yeah uh but uh we see that the commission we 515 00:25:48,234 --> 00:25:49,267 see that the commission we didn’t analyze, but we see that 516 00:25:49,267 --> 00:25:52,467 didn’t analyze, but we see that the commission uh still it 517 00:25:52,467 --> 00:25:53,867 the commission uh still it takes uh a certain amount of 518 00:25:53,867 --> 00:26:00,667 takes uh a certain amount of deer on the uh under uh 1073. 519 00:26:28,634 --> 00:26:32,233 The following way, which is um 520 00:26:32,233 --> 00:26:36,701 The following way, which is um the Sr came into for in 2016 uh 521 00:26:36,701 --> 00:26:38,499 the Sr came into for in 2016 uh has it made a difference in the 522 00:26:38,499 --> 00:26:40,367 has it made a difference in the cases you have observed. Do you 523 00:26:40,367 --> 00:26:42,267 cases you have observed. Do you see uh a time before and the 524 00:26:42,267 --> 00:26:44,500 see uh a time before and the time after SL. I’m not really 525 00:26:44,500 --> 00:26:46,000 time after SL. I’m not really in terms of the practice of the 526 00:26:46,000 --> 00:26:48,867 in terms of the practice of the commission in those cases well, 527 00:26:48,867 --> 00:26:51,334 commission in those cases well, uh yeah, first of all on this 528 00:26:51,334 --> 00:26:56,833 uh yeah, first of all on this uh on this uh uh clearly 529 00:26:56,833 --> 00:27:02,534 uh on this uh uh clearly clearly the the Sr uh. 530 00:27:23,199 --> 00:27:25,300 And uh I think this is exactly 531 00:27:25,300 --> 00:27:27,333 And uh I think this is exactly part of uh of the problem, 532 00:27:27,333 --> 00:27:29,966 part of uh of the problem, especially when uh it might it 533 00:27:29,966 --> 00:27:32,267 especially when uh it might it might be perceived that that uh 534 00:27:32,267 --> 00:27:34,766 might be perceived that that uh they’ve used uh that they’ve 535 00:27:34,766 --> 00:27:36,367 they’ve used uh that they’ve used on the same point 536 00:27:36,367 --> 00:27:39,467 used on the same point essentially uh the way uh in a 537 00:27:39,467 --> 00:27:41,867 essentially uh the way uh in a way different. Yeah. So uh I 538 00:27:41,867 --> 00:27:42,967 way different. Yeah. So uh I think from this perspective 539 00:27:42,967 --> 00:27:44,199 think from this perspective this is this is what we 540 00:27:44,199 --> 00:27:46,000 this is this is what we underline many times and uh the 541 00:27:46,000 --> 00:27:48,399 underline many times and uh the commission also agreed to look 542 00:27:48,399 --> 00:27:51,067 commission also agreed to look into this uh in as as part of 543 00:27:51,067 --> 00:27:52,133 into this uh in as as part of such assessment that uh there 544 00:27:52,133 --> 00:27:55,566 such assessment that uh there is a. 545 00:28:23,667 --> 00:28:25,267 That is produced by the 546 00:28:25,267 --> 00:28:28,533 That is produced by the commission uh when when when it 547 00:28:28,533 --> 00:28:32,299 commission uh when when when it comes to uh to to launch in 548 00:28:32,299 --> 00:28:34,267 comes to uh to to launch in that procedure in the past or 549 00:28:34,267 --> 00:28:38,667 that procedure in the past or to withdrawing this uh tour uh 550 00:28:38,667 --> 00:28:39,966 to withdrawing this uh tour uh terminating the excessive 551 00:28:39,966 --> 00:28:42,433 terminating the excessive procedure. uh the amount of 552 00:28:42,433 --> 00:28:44,133 procedure. uh the amount of analysis is very substantial 553 00:28:44,133 --> 00:28:46,400 analysis is very substantial and it is my she’s much easier 554 00:28:46,400 --> 00:28:48,266 and it is my she’s much easier for the stakeholders uh to see 555 00:28:48,266 --> 00:28:50,533 for the stakeholders uh to see uh the reasoning behind and I 556 00:28:50,533 --> 00:28:53,367 uh the reasoning behind and I think that’s that’s there is. 557 00:28:53,367 --> 00:28:54,900 think that’s that’s there is. There is there shouldn’t be 558 00:28:54,900 --> 00:28:56,466 There is there shouldn’t be kind of many obstacles to 559 00:28:56,466 --> 00:28:58,733 kind of many obstacles to arrive at the similar situation 560 00:28:58,733 --> 00:29:01,767 arrive at the similar situation in uh in uh in in the financial 561 00:29:01,767 --> 00:29:04,333 in uh in uh in in the financial sector, which is the time being 562 00:29:04,333 --> 00:29:07,466 sector, which is the time being uh for the time being not uh 563 00:29:07,466 --> 00:29:10,799 uh for the time being not uh not the case. I’ll come back to 564 00:29:10,799 --> 00:29:12,400 not the case. I’ll come back to some uh issues of procedure, 565 00:29:12,400 --> 00:29:14,800 some uh issues of procedure, you mentioned uh that some of 566 00:29:14,800 --> 00:29:15,800 you mentioned uh that some of your findings is that you know 567 00:29:15,800 --> 00:29:18,000 your findings is that you know some the procedures are the 568 00:29:18,000 --> 00:29:20,199 some the procedures are the clay and sometimes the 569 00:29:20,199 --> 00:29:21,633 clay and sometimes the publication is delayed uh and 570 00:29:21,633 --> 00:29:23,567 publication is delayed uh and as you just told us for reasons 571 00:29:23,567 --> 00:29:25,434 as you just told us for reasons that are not entirely due to 572 00:29:25,434 --> 00:29:26,767 that are not entirely due to the commission. can you give us 573 00:29:26,767 --> 00:29:29,466 the commission. can you give us a little bit more? uh color on 574 00:29:29,466 --> 00:29:31,400 a little bit more? uh color on that? how much can the length 575 00:29:31,400 --> 00:29:34,766 that? how much can the length of the uh process? decompressed 576 00:29:34,766 --> 00:29:37,333 of the uh process? decompressed and also what they uh 577 00:29:37,333 --> 00:29:37,967 and also what they uh publication of decisions uh if 578 00:29:37,967 --> 00:29:40,366 publication of decisions uh if they’re not in to the 579 00:29:40,366 --> 00:29:43,066 they’re not in to the commission. Yes, I’ve been 580 00:29:43,066 --> 00:29:45,867 commission. Yes, I’ve been first of all uh in in the ideal 581 00:29:45,867 --> 00:29:49,633 first of all uh in in the ideal world we uh we have uh a 582 00:29:49,633 --> 00:29:51,233 world we uh we have uh a relatively quick decision uh we 583 00:29:51,233 --> 00:29:53,967 relatively quick decision uh we have a quick publication uh so 584 00:29:53,967 --> 00:29:55,467 have a quick publication uh so that uh the public is 585 00:29:55,467 --> 00:29:56,666 that uh the public is stakeholders are fully informed 586 00:29:56,666 --> 00:29:59,433 stakeholders are fully informed and also the competitors so uh 587 00:29:59,433 --> 00:30:01,967 and also the competitors so uh and in many cases it does 588 00:30:01,967 --> 00:30:05,733 and in many cases it does happen uh in uh in some cases 589 00:30:05,733 --> 00:30:07,667 happen uh in uh in some cases uh we observe several things 590 00:30:07,667 --> 00:30:10,966 uh we observe several things first of all uh so-called 591 00:30:10,966 --> 00:30:12,333 first of all uh so-called So-called notification in 592 00:30:12,333 --> 00:30:13,567 So-called notification in context happened before 593 00:30:13,567 --> 00:30:17,267 context happened before submission of. 594 00:30:45,434 --> 00:30:48,700 You know to regress, eventually 595 00:30:48,700 --> 00:30:53,033 You know to regress, eventually the decision is very high is is 596 00:30:53,033 --> 00:30:59,100 the decision is very high is is the so therefore, 597 00:30:59,834 --> 00:31:10,699 uh the ball. uh and not um then 598 00:31:10,699 --> 00:31:15,067 uh the ball. uh and not um then if we can work with that. 599 00:33:14,300 --> 00:33:16,834 On the on the consultation, uh 600 00:33:16,834 --> 00:33:19,534 On the on the consultation, uh I think uh without mistaken. 601 00:33:19,534 --> 00:33:22,133 I think uh without mistaken. Yeah this uh the notification 602 00:33:22,133 --> 00:33:24,133 Yeah this uh the notification uh you know context uh they’re 603 00:33:24,133 --> 00:33:27,333 uh you know context uh they’re normally uh according to the to 604 00:33:27,333 --> 00:33:29,766 normally uh according to the to the integral rules, I think uh 605 00:33:29,766 --> 00:33:32,000 the integral rules, I think uh the the 2 months then in as a 606 00:33:32,000 --> 00:33:34,634 the the 2 months then in as a result of consultations with 607 00:33:34,634 --> 00:33:35,367 result of consultations with member states, uh the 608 00:33:35,367 --> 00:33:38,133 member states, uh the commission extended them to 6 609 00:33:38,133 --> 00:33:40,000 commission extended them to 6 months as part of the best uh 610 00:33:40,000 --> 00:33:42,000 months as part of the best uh best practice that I mentioned 611 00:33:42,000 --> 00:33:44,933 best practice that I mentioned so now it’s 6 months we 612 00:33:44,933 --> 00:33:46,500 so now it’s 6 months we observed it sometimes these 613 00:33:46,500 --> 00:33:48,699 observed it sometimes these education. Context go even 614 00:33:48,699 --> 00:33:50,667 education. Context go even beyond this, My question was 615 00:33:50,667 --> 00:33:52,667 beyond this, My question was for the publication of 616 00:33:52,667 --> 00:33:56,366 for the publication of decisions of the for the 617 00:33:56,366 --> 00:33:59,700 decisions of the for the publication. Yeah. 618 00:34:55,866 --> 00:34:57,600 If there is a member of state 619 00:34:57,600 --> 00:34:59,767 If there is a member of state don’t reply on time, can the 620 00:34:59,767 --> 00:35:02,366 don’t reply on time, can the commission just yeah, we found 621 00:35:02,366 --> 00:35:03,966 commission just yeah, we found cases that the commission 622 00:35:03,966 --> 00:35:05,467 cases that the commission published so this is as I said, 623 00:35:05,467 --> 00:35:06,533 published so this is as I said, one of the positive concludes 624 00:35:06,533 --> 00:35:07,766 one of the positive concludes the commission published still 625 00:35:07,766 --> 00:35:11,367 the commission published still because uh because uh because 626 00:35:11,367 --> 00:35:13,367 because uh because uh because of simply the need to publish 627 00:35:13,367 --> 00:35:16,066 of simply the need to publish uh but again they they uh they 628 00:35:16,066 --> 00:35:17,400 uh but again they they uh they I mean the commission did not 629 00:35:17,400 --> 00:35:21,067 I mean the commission did not publish a full decision for the 630 00:35:21,067 --> 00:35:22,833 publish a full decision for the court. You know from the cost 631 00:35:22,833 --> 00:35:23,967 court. You know from the cost perspective. uh we would 632 00:35:23,967 --> 00:35:27,199 perspective. uh we would welcome a as full decision as 633 00:35:27,199 --> 00:35:29,467 welcome a as full decision as possible, but basically. Sorry 634 00:35:29,467 --> 00:35:30,933 possible, but basically. Sorry to press you on this, but this 635 00:35:30,933 --> 00:35:32,000 to press you on this, but this is actually really important 636 00:35:32,000 --> 00:35:33,300 is actually really important for people who uh focus on 637 00:35:33,300 --> 00:35:37,000 for people who uh focus on these things um is there any 638 00:35:37,000 --> 00:35:38,534 these things um is there any possible justification for the 639 00:35:38,534 --> 00:35:40,000 possible justification for the commission not to publish a 640 00:35:40,000 --> 00:35:44,000 commission not to publish a full decision? uh when um when 641 00:35:44,000 --> 00:35:48,867 full decision? uh when um when it could yes basically uh uh 642 00:35:48,867 --> 00:35:53,034 it could yes basically uh uh there is um there is a set of 643 00:35:53,034 --> 00:35:55,933 there is um there is a set of uh uh a set of criteria or a 644 00:35:55,933 --> 00:35:58,434 uh uh a set of criteria or a set of um information that uh 645 00:35:58,434 --> 00:36:00,066 set of um information that uh can be considered as a business 646 00:36:00,066 --> 00:36:02,467 can be considered as a business secret and we actually. And we 647 00:36:02,467 --> 00:36:04,000 secret and we actually. And we actually quote them in the 648 00:36:04,000 --> 00:36:08,833 actually quote them in the report uh so these information 649 00:36:08,833 --> 00:36:13,300 report uh so these information uh. For this information, the 650 00:36:13,300 --> 00:36:15,434 uh. For this information, the commission can justify not 651 00:36:15,434 --> 00:36:18,266 commission can justify not publishing uh not publishing in 652 00:36:18,266 --> 00:36:21,199 publishing uh not publishing in full we in in our work, we saw 653 00:36:21,199 --> 00:36:24,734 full we in in our work, we saw that sometimes uh the 654 00:36:24,734 --> 00:36:26,399 that sometimes uh the information was not not 655 00:36:26,399 --> 00:36:29,199 information was not not published uh even though uh it 656 00:36:29,199 --> 00:36:31,299 published uh even though uh it could have been published given 657 00:36:31,299 --> 00:36:32,834 could have been published given that it was not exactly a 658 00:36:32,834 --> 00:36:34,299 that it was not exactly a business secret in line with 659 00:36:34,299 --> 00:36:36,167 business secret in line with the uh with the Commission’s 660 00:36:36,167 --> 00:36:39,734 the uh with the Commission’s rules. So this is where I said 661 00:36:39,734 --> 00:36:41,201 rules. So this is where I said that the commission sometimes 662 00:36:41,201 --> 00:36:43,367 that the commission sometimes yes on the positive side they 663 00:36:43,367 --> 00:36:47,833 yes on the positive side they they they they they have. 664 00:37:20,433 --> 00:37:21,434 Signing to uh progress setting 665 00:37:21,434 --> 00:37:23,967 Signing to uh progress setting up a temporary framework 666 00:37:23,967 --> 00:37:26,834 up a temporary framework basically exempt a precaution 667 00:37:26,834 --> 00:37:27,467 basically exempt a precaution rehabilitation from burden 668 00:37:27,467 --> 00:37:29,766 rehabilitation from burden sharing requirement uh EA’s 669 00:37:29,766 --> 00:37:31,566 sharing requirement uh EA’s exempt anyway, because that’s 670 00:37:31,566 --> 00:37:33,933 exempt anyway, because that’s in the banking communication uh 671 00:37:33,933 --> 00:37:36,633 in the banking communication uh from the start uh and uh and by 672 00:37:36,633 --> 00:37:39,234 from the start uh and uh and by contrast when it’s Sr uh 673 00:37:39,234 --> 00:37:42,033 contrast when it’s Sr uh resolution or more generally 674 00:37:42,033 --> 00:37:46,633 resolution or more generally resolution to uh in uh criteria 675 00:37:46,633 --> 00:37:49,033 resolution to uh in uh criteria apply because uh at least. A 676 00:37:49,033 --> 00:37:52,700 apply because uh at least. A resolution fund is to be used 677 00:37:52,700 --> 00:37:55,433 resolution fund is to be used and so I uh II think that 678 00:37:55,433 --> 00:37:58,133 and so I uh II think that address uh the question that 679 00:37:58,133 --> 00:38:01,934 address uh the question that we’re asked at department uh 680 00:38:01,934 --> 00:38:04,401 we’re asked at department uh unless further on that right, 681 00:38:04,401 --> 00:38:05,834 unless further on that right, No III think yeah. I think 682 00:38:05,834 --> 00:38:07,567 No III think yeah. I think you’re right. I mean we 683 00:38:07,567 --> 00:38:08,800 you’re right. I mean we addressed this. uh this 684 00:38:08,800 --> 00:38:10,401 addressed this. uh this question all the more that we 685 00:38:10,401 --> 00:38:13,033 question all the more that we uh did not look at the 686 00:38:13,033 --> 00:38:15,434 uh did not look at the temporary framework uh or I 687 00:38:15,434 --> 00:38:17,600 temporary framework uh or I mean yeah and that that might 688 00:38:17,600 --> 00:38:19,867 mean yeah and that that might be might be. In the future, but 689 00:38:19,867 --> 00:38:22,366 be might be. In the future, but obviously now it’s now it’s too 690 00:38:22,366 --> 00:38:23,901 obviously now it’s now it’s too early in the master of and 691 00:38:23,901 --> 00:38:25,533 early in the master of and there’s a there’s a question by 692 00:38:25,533 --> 00:38:26,933 there’s a there’s a question by the prolific anonymous 693 00:38:26,933 --> 00:38:30,833 the prolific anonymous questionnaire. Uh who uh uh 694 00:38:30,833 --> 00:38:32,333 questionnaire. Uh who uh uh it’s not really a question, she 695 00:38:32,333 --> 00:38:34,333 it’s not really a question, she writes. Uh I refer to answer 696 00:38:34,333 --> 00:38:35,867 writes. Uh I refer to answer confirm that the potential park 697 00:38:35,867 --> 00:38:38,233 confirm that the potential park style operation is possible 698 00:38:38,233 --> 00:38:39,767 style operation is possible under contemporary framework 699 00:38:39,767 --> 00:38:42,967 under contemporary framework and uh my understanding is that 700 00:38:42,967 --> 00:38:46,099 and uh my understanding is that citizens are correct uh in uh 701 00:38:46,099 --> 00:38:49,367 citizens are correct uh in uh into context of uh nineteen. We 702 00:38:49,367 --> 00:38:51,834 into context of uh nineteen. We have a question from ya um on 703 00:38:51,834 --> 00:38:54,967 have a question from ya um on the overall architecture of the 704 00:38:54,967 --> 00:38:58,033 the overall architecture of the union, we said, come sufficient 705 00:38:58,033 --> 00:39:00,000 union, we said, come sufficient being involved to ensure that 706 00:39:00,000 --> 00:39:01,867 being involved to ensure that we won’t see the same 707 00:39:01,867 --> 00:39:03,866 we won’t see the same discrepancy gain. Uh I’m 708 00:39:03,866 --> 00:39:05,467 discrepancy gain. Uh I’m tempted to answer this question 709 00:39:05,467 --> 00:39:07,200 tempted to answer this question and to say well as you know 710 00:39:07,200 --> 00:39:09,299 and to say well as you know there are there are ongoing 711 00:39:09,299 --> 00:39:10,800 there are there are ongoing discussions uh and there is a 712 00:39:10,800 --> 00:39:13,299 discussions uh and there is a presidents about completing the 713 00:39:13,299 --> 00:39:14,400 presidents about completing the union and the German Minister 714 00:39:14,400 --> 00:39:15,967 union and the German Minister of finance produce the paper a 715 00:39:15,967 --> 00:39:18,066 of finance produce the paper a year ago about their thinking 716 00:39:18,066 --> 00:39:21,834 year ago about their thinking about it um. This discussion uh 717 00:39:21,834 --> 00:39:25,399 about it um. This discussion uh has not come to conclusion yet 718 00:39:25,399 --> 00:39:28,099 has not come to conclusion yet uh do you have any advice? not 719 00:39:28,099 --> 00:39:32,267 uh do you have any advice? not just for you but for uh 720 00:39:32,267 --> 00:39:34,967 just for you but for uh legislators and debate on how 721 00:39:34,967 --> 00:39:36,433 legislators and debate on how to complete banking union on 722 00:39:36,433 --> 00:39:39,033 to complete banking union on the basis of your findings uh 723 00:39:39,033 --> 00:39:41,966 the basis of your findings uh on how the you the future 724 00:39:41,966 --> 00:39:45,400 on how the you the future revision to the legislation 725 00:39:45,400 --> 00:39:47,033 revision to the legislation possibly to the supervisory 726 00:39:47,033 --> 00:39:49,867 possibly to the supervisory framework um uh so whole debate 727 00:39:49,867 --> 00:39:53,033 framework um uh so whole debate about um whether additional 728 00:39:53,033 --> 00:39:55,567 about um whether additional framework. Or regimes on that’s 729 00:39:55,567 --> 00:39:57,767 framework. Or regimes on that’s for managing the failure or 730 00:39:57,767 --> 00:39:59,466 for managing the failure or whether it should remain within 731 00:39:59,466 --> 00:40:02,866 whether it should remain within the context of the debates that 732 00:40:02,866 --> 00:40:05,834 the context of the debates that to Sr has raised on winter 733 00:40:05,834 --> 00:40:08,567 to Sr has raised on winter resolution is for many or as a 734 00:40:08,567 --> 00:40:10,366 resolution is for many or as a defense official, uh said at 735 00:40:10,366 --> 00:40:11,401 defense official, uh said at the wrong table earlier this 736 00:40:11,401 --> 00:40:13,933 the wrong table earlier this year resolution should be 737 00:40:13,933 --> 00:40:15,367 year resolution should be forces for the tube. Uh he was 738 00:40:15,367 --> 00:40:19,400 forces for the tube. Uh he was me to put him um so um so there 739 00:40:19,400 --> 00:40:21,333 me to put him um so um so there are many debates on houses for 740 00:40:21,333 --> 00:40:25,700 are many debates on houses for you know to keep the fresh. 741 00:41:25,266 --> 00:41:27,034 Thing is that in the meantime 742 00:41:27,034 --> 00:41:31,334 Thing is that in the meantime we uh the has created a quite a 743 00:41:31,334 --> 00:41:33,500 we uh the has created a quite a quite a few institutions 744 00:41:33,500 --> 00:41:35,733 quite a few institutions several institutions very clear 745 00:41:35,733 --> 00:41:37,267 several institutions very clear responsibilities in all these 746 00:41:37,267 --> 00:41:38,334 responsibilities in all these chain and I think it’s very 747 00:41:38,334 --> 00:41:42,700 chain and I think it’s very important that uh these uh that 748 00:41:42,700 --> 00:41:46,400 important that uh these uh that uh each institutional kind of 749 00:41:46,400 --> 00:41:47,967 uh each institutional kind of exercises uh they are they are 750 00:41:47,967 --> 00:41:49,467 exercises uh they are they are functionally in this in the 751 00:41:49,467 --> 00:41:51,100 functionally in this in the current setup and maybe it 752 00:41:51,100 --> 00:41:53,667 current setup and maybe it would be worthwhile to think in 753 00:41:53,667 --> 00:41:56,901 would be worthwhile to think in the future. uh really. How to 754 00:41:56,901 --> 00:41:59,334 the future. uh really. How to minimize this tension between 755 00:41:59,334 --> 00:42:01,133 minimize this tension between the between competition 756 00:42:01,133 --> 00:42:03,833 the between competition concerns uh internal market 757 00:42:03,833 --> 00:42:05,333 concerns uh internal market concerns and financial 758 00:42:05,333 --> 00:42:07,700 concerns and financial stability concerns that as we 759 00:42:07,700 --> 00:42:11,367 stability concerns that as we see uh very often uh boil down 760 00:42:11,367 --> 00:42:13,466 see uh very often uh boil down not to you know to the level of 761 00:42:13,466 --> 00:42:15,934 not to you know to the level of of of the itself and not even 762 00:42:15,934 --> 00:42:17,466 of of the itself and not even to the member state back to the 763 00:42:17,466 --> 00:42:21,300 to the member state back to the level of uh of um of a region 764 00:42:21,300 --> 00:42:25,567 level of uh of um of a region of um regional or local area. 765 00:42:25,567 --> 00:42:29,333 of um regional or local area. And and that’s a bit of a 766 00:42:29,333 --> 00:42:30,766 And and that’s a bit of a contradiction in uh in uh at 767 00:42:30,766 --> 00:42:33,034 contradiction in uh in uh at least in my personal view that 768 00:42:33,034 --> 00:42:36,000 least in my personal view that needs to be uh that needs to be 769 00:42:36,000 --> 00:42:39,133 needs to be uh that needs to be addressed. 770 00:43:07,667 --> 00:43:11,266 And now adopted in uh debate 771 00:43:11,266 --> 00:43:13,600 And now adopted in uh debate and uh to support has put the 772 00:43:13,600 --> 00:43:16,834 and uh to support has put the bar very high by making uh a 773 00:43:16,834 --> 00:43:18,500 bar very high by making uh a negative public interest 774 00:43:18,500 --> 00:43:19,367 negative public interest assessment. In the cases we 775 00:43:19,367 --> 00:43:21,367 assessment. In the cases we converted to banks in 2017, 776 00:43:21,367 --> 00:43:23,533 converted to banks in 2017, which is quite sensible to the 777 00:43:23,533 --> 00:43:25,067 which is quite sensible to the whole sequence. So do you have 778 00:43:25,067 --> 00:43:27,733 whole sequence. So do you have any insights from your uh 779 00:43:27,733 --> 00:43:30,367 any insights from your uh consultation and research uh on 780 00:43:30,367 --> 00:43:32,834 consultation and research uh on this big current debate? Well, 781 00:43:32,834 --> 00:43:35,267 this big current debate? Well, I think on this point again 782 00:43:35,267 --> 00:43:36,000 I think on this point again from the from the perspective 783 00:43:36,000 --> 00:43:39,667 from the from the perspective of the court uh looking at uh 784 00:43:39,667 --> 00:43:42,166 of the court uh looking at uh uh a upholding the the 785 00:43:42,166 --> 00:43:43,967 uh a upholding the the principles of the threeD. At 786 00:43:43,967 --> 00:43:46,600 principles of the threeD. At the EU taxpayers money looking 787 00:43:46,600 --> 00:43:47,800 the EU taxpayers money looking at the achievement of the 788 00:43:47,800 --> 00:43:50,367 at the achievement of the objectives that the has uh has 789 00:43:50,367 --> 00:43:51,967 objectives that the has uh has put forward uh since the 790 00:43:51,967 --> 00:43:54,300 put forward uh since the financial crisis, it’s uh it’s 791 00:43:54,300 --> 00:43:56,833 financial crisis, it’s uh it’s very and in the context of this 792 00:43:56,833 --> 00:43:59,434 very and in the context of this debate, it’s it’s it seems to 793 00:43:59,434 --> 00:44:01,401 debate, it’s it’s it seems to be very important to ensure 794 00:44:01,401 --> 00:44:05,033 be very important to ensure that uh that uh the main 795 00:44:05,033 --> 00:44:08,000 that uh that uh the main principle of Br about uh you 796 00:44:08,000 --> 00:44:09,499 principle of Br about uh you know protection of the 797 00:44:09,499 --> 00:44:11,567 know protection of the taxpayers money is actually 798 00:44:11,567 --> 00:44:14,733 taxpayers money is actually there and implemented in um in 799 00:44:14,733 --> 00:44:17,900 there and implemented in um in practice. 800 00:44:52,933 --> 00:44:54,633 And now one thing you did not 801 00:44:54,633 --> 00:44:56,867 And now one thing you did not do is express a particular uh 802 00:44:56,867 --> 00:44:59,399 do is express a particular uh assessment of individual cases 803 00:44:59,399 --> 00:45:00,999 assessment of individual cases uh and uh since our last 804 00:45:00,999 --> 00:45:02,733 uh and uh since our last sentence could be read as 805 00:45:02,733 --> 00:45:05,299 sentence could be read as referring specifically to the 806 00:45:05,299 --> 00:45:05,933 referring specifically to the past and understand why why 807 00:45:05,933 --> 00:45:10,400 past and understand why why you’re reluctant going to uh a 808 00:45:10,400 --> 00:45:12,600 you’re reluctant going to uh a more specific uh well. Yes, we 809 00:45:12,600 --> 00:45:16,900 more specific uh well. Yes, we have a sample of cases uh very 810 00:45:16,900 --> 00:45:18,733 have a sample of cases uh very diverse samples. We have we 811 00:45:18,733 --> 00:45:21,333 diverse samples. We have we have different types of types 812 00:45:21,333 --> 00:45:23,200 have different types of types of decisions uh different 813 00:45:23,200 --> 00:45:27,600 of decisions uh different timing, but uh we. 814 00:45:54,866 --> 00:45:57,734 Assessment of uh of any 815 00:45:57,734 --> 00:45:59,133 Assessment of uh of any particular case, this is this 816 00:45:59,133 --> 00:46:00,867 particular case, this is this is very important uh to to 817 00:46:00,867 --> 00:46:03,066 is very important uh to to avoid any uh uh you know uh 818 00:46:03,066 --> 00:46:04,267 avoid any uh uh you know uh misunderstanding here. That’s 819 00:46:04,267 --> 00:46:05,533 misunderstanding here. That’s right. This is not judicial 820 00:46:05,533 --> 00:46:07,200 right. This is not judicial reviews. That’s uh so basically 821 00:46:07,200 --> 00:46:10,401 reviews. That’s uh so basically it’s a institutions uh justice 822 00:46:10,401 --> 00:46:11,866 it’s a institutions uh justice to increase a future 823 00:46:11,866 --> 00:46:15,899 to increase a future performance and effective. Yes, 824 00:46:15,899 --> 00:46:17,234 performance and effective. Yes, yes. absolutely. Okay. Uh we 825 00:46:17,234 --> 00:46:18,866 yes. absolutely. Okay. Uh we promised that we would stop 826 00:46:18,866 --> 00:46:20,366 promised that we would stop after 45 minutes, so we need to 827 00:46:20,366 --> 00:46:22,233 after 45 minutes, so we need to stop now even so I personally 828 00:46:22,233 --> 00:46:23,700 stop now even so I personally would have been more questions 829 00:46:23,700 --> 00:46:26,967 would have been more questions uh but it’s. Uh important topic 830 00:46:26,967 --> 00:46:30,167 uh but it’s. Uh important topic it’s an important report on uh 831 00:46:30,167 --> 00:46:32,866 it’s an important report on uh on a scene um thank you very 832 00:46:32,866 --> 00:46:34,699 on a scene um thank you very much for having been with us. I 833 00:46:34,699 --> 00:46:35,899 much for having been with us. I hope you will continue to 834 00:46:35,899 --> 00:46:37,600 hope you will continue to devote a lot of attention to 835 00:46:37,600 --> 00:46:39,967 devote a lot of attention to this matter of the state 836 00:46:39,967 --> 00:46:42,334 this matter of the state banking because I I’m II 837 00:46:42,334 --> 00:46:44,099 banking because I I’m II suspect it’s not going to 838 00:46:44,099 --> 00:46:45,633 suspect it’s not going to disappear. Thank you. Thank you 839 00:46:45,633 --> 00:46:47,066 disappear. Thank you. Thank you well. Yeah. we’ll see uh you 840 00:46:47,066 --> 00:46:49,633 well. Yeah. we’ll see uh you know um you know III would say 841 00:46:49,633 --> 00:46:52,733 know um you know III would say all the things the control uh 842 00:46:52,733 --> 00:46:55,000 all the things the control uh is not easy because uh. Because 843 00:46:55,000 --> 00:46:59,801 is not easy because uh. Because everybody likes the state so um 844 00:46:59,801 --> 00:47:02,433 everybody likes the state so um and this makes the work of the 845 00:47:02,433 --> 00:47:03,900 and this makes the work of the court of Forty-two sometimes uh 846 00:47:03,900 --> 00:47:05,567 court of Forty-two sometimes uh very difficult on the on the on 847 00:47:05,567 --> 00:47:07,767 very difficult on the on the on the front, but I think we 848 00:47:07,767 --> 00:47:08,534 the front, but I think we manage to find the right 849 00:47:08,534 --> 00:47:10,600 manage to find the right balance and uh we’re really 850 00:47:10,600 --> 00:47:12,467 balance and uh we’re really happy with the with the way how 851 00:47:12,467 --> 00:47:14,767 happy with the with the way how the commission operated and 852 00:47:14,767 --> 00:47:16,367 the commission operated and that they uh that they agreed 853 00:47:16,367 --> 00:47:18,934 that they uh that they agreed to uh to look in into the 854 00:47:18,934 --> 00:47:22,500 to uh to look in into the system uh a bit deeper, 855 00:47:22,500 --> 00:47:23,900 system uh a bit deeper, Everybody loves state’s receive 856 00:47:23,900 --> 00:47:24,800 Everybody loves state’s receive it those who give it maybe not 857 00:47:24,800 --> 00:47:26,767 it those who give it maybe not those who pay for. And so the 858 00:47:26,767 --> 00:47:28,833 those who pay for. And so the rest of us uh and thanks for 859 00:47:28,833 --> 00:47:31,634 rest of us uh and thanks for working on our behalf, thanks 860 00:47:31,634 --> 00:47:33,900 working on our behalf, thanks very much uh and uh I look 861 00:47:33,900 --> 00:47:35,967 very much uh and uh I look forward to our next discussions 862 00:47:35,967 --> 00:47:37,967 forward to our next discussions uh on this and related uh