The European Central Bank today published the -- because it's the -- will scrutinize eurozone banks before it becomes the supervisor from the and that next yet. I'm not speaking to the president of the European Central Bank -- tracking you about some of the implication it's. President jockey it looks like. Preparations for the ECB to take on the role acts banking supervisor. It's going to happen without a single resolution mechanism in place how content value with -- the years in this. Intense -- setting up a single reservation mechanism. These CB thinks. That. A resolution mechanism is a very important pillar. Of our banking union. We steely meant having it in place by 2050. The current concept. In the draft directive. Body and launch. Is shared by ECB. We have one concept one authority one fund. We may have to be more -- size about distinguishing. The role of the resolution authority from the role of the ECB. ECB. Wants to have full responsibility before the assessment. But nothing to do we walked past will be done -- reassessment namely that task of the resolution -- thought it. The tool. Things must be completely separate. If the common resolution mechanism that's not in place by the time the UCB's that's supervising the -- and banks. But you -- -- dot. No we will proceed we dollar. Process quality to review of the balanced assessment -- best throughout 2014. Will believe the results by October they see it next year 2014. And will stocked with takeover of the our task. And the same time off usually we hope that -- garments would have to would have found an agreement. About the nature of the single resolution. -- What would be the danger if Germany and the EU commission ignore you advised him not to inflict losses on junior bondholders. That was not mine advised by. My latter the not so secret letter because being sent to many many people. Was addressing a specific problem. And that I'll -- you what is the there are two kinds of banks one bank. That he's found to be. With the level captain which is below the regulatory minimum opt the asset quality review for this bank that is no question. The state aid rules as the now as they -- Defined in the framework would apply. We debating a credit first of shareholders and creditors according to the activities described in the framework. But there is another kind of bank that is found to be with the level of capital which is evolved. The regulatory minimum. As found by the yes according to review. But this bank could be in need could be found to need a cup too often distracts this. See the bank is solvent. The bank has not -- well. But could -- need a top vote if the economy stressed according to set an hypothesis. In this case the supervisor. Should be free to continue his or her supervisory action source to increase the copy of the bank has needed. We doubt any danger of the creditors of the bank that they coup or any fear by damn they could be day and being. That's why backstop or to be in place. And my letter address exactly this sick of problem. And death fortunately scenes that letter. Both the commission and the ECB are working together. To address this specific problem.