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"We call upon the top management of the commercial banks to take these decisions into account and recognize that they are operating in an environment in which a lot of the fundamental risks to liquidity and solvency have been addressed" |
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Before this, we had said publicly already back in 2006 – as did other central banks – that global financial markets were under-assessing the quantity of risk and underpricing the unit of risk, so that there was a need for a correction. By saying that, we tried to prepare markets so that the coming change would be as smooth and efficient as possible.