Every bank will have owners and shareholders having the full responsibility not only the formal responsibility but also the really responsibility.
The risks they take will be a risk for their assets, and I think that will enforce and reassure us that we will have banks that are acting better, and taking better decisions in the future.
Question: So, you mean that they have to pay and no the taxpayers? And what if we find ourselves in the situation of the insolvency of the banks; someone will have to pay for the cost.
If the bank is insolvent certainly shareholders will lose and then off course the long-term investors. So this creates a pressure where investors will look very inthorally where the banks are investing. That is why I said that is creating thousands and thousands of supervisors, checking and following the banks, solvency and liquidity and ability to act.
Question: So the situation like what happened in Cyprus will never happen again in Europe?
I think one should always be careful of saying that something will never happen again, but these rules will secure that the deposits will have much better safeguarding it will be not possible to bale in to persons bellow 100.000, they will be protected and all other depositions will be also protected by the depositors preference, so the risk is minimized
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