exposure of eur 8. 9 billion. using particularly conservative assessment criteria, a eur 1. 1 billion impairment reinforcement was estimated as necessary for the exposures analysed among the eight banking groups as a whole as at 30 april 2013, in order to reach robust provisioning levels ( about 2. 1 % of the overall amount of the exposures assessed ). this level was set in a context of very unfavourable economic developments and took into account the events taking place up to the present. the impairment reinforcements made in the interim by the banking groups as at 30 june 2013 covered all the reinforcement needs for impairment identified in this exercise. while the two first exercises were conducted by independent auditors, this horizontal operation was carried out by each banking group ’ s external auditor, based on benchmarks and guidance adopted by banco de portugal. in parallel, the exercise made use of an independent external auditor, which, jointly with banco de portugal, was responsible for horizontal consistency, through the harmonised application of the benchmarks and guidance, thereby minimising the risk of divergent conclusions. in september 2013, banco de portugal decided to deepen its assessment of the criteria used to calculate impairments for a set of portuguese and foreign economic groups, for whom the capacity to recover credit granted depended on their medium - term business plans creating sufficient cashflow for debt repayment. therefore, an independent auditor assessed how conservative the economic and financial models used by the banks were, and looked at the robustness and adequacy of the support information for these models and the reasonableness of the main assumptions used. further, sensitivity testing was carried out on the results, using where necessary alternative assumptions to those used by the banking groups. as a result of this exercise, a €1 billion overall reinforcement of the impairment and provisions levels was estimated as necessary as at 30 september 2013. this amount, already reflected in the institutions ’ accounts, aims to ensure that the risks associated with the economic groups involved are adequately addressed. the exercise confirmed the bis central bankers ’ speeches soundness of the national banking system at 30 september 2013. etricc 2 brought to a close a series of horizontal inspections carried out by banco de portugal since 2011 which have contributed to making the portuguese banking system more solid. the results of these exercises were duly incorporated into the institutions ’ financial statements. at the same time, recommendations were issued to correct insufficiencies found in the internal procedures and processes of the institutions in these areas.

we will set guidelines for and support the establishment of supervisory colleges and manage contingency planning for cross - border crisis management, particularly with respect to systemically important firms ; • the fsb will strengthen its collaboration with the international monetary fund ( imf ), including by conducting early warning exercises ; • and importantly, we will undertake joint strategic reviews of the policy development work of the international standard setting bodies to ensure their work is timely, coordinated, focused on priorities and addressing gaps. here there is a strong consensus that the independence of standard setting is essential and must be preserved. indeed, the value of international standard setting is indispensably linked with their independence. at the same, independent standard setting needs to be complemented with processes for coordination, accountability and governance for standard setters, including regular consultations with stakeholders. as we have seen in the fsb in the last 18 months or so, coordination across standard setting bodies has been essential in crafting a coherent response to this crisis and to creating a more resilient financial sector going forward. the work of iosco has been and continues to be of great importance in this regard. to support its functions, the fsb will establish an institutional structure commensurate with its expanded tasks. this will comprise a steering committee to take forward to the work of the fsb in between plenary meetings, as well as standing committees on vulnerabilities assessment, regulatory and supervisory cooperation, and on standards implementation. and we will greatly expand its secretariat resources. * * * * * * moving on to the regulatory reform agenda, the main value of the intense recent period of international policy making has been the broad consensus it has established on the agenda of change needed to build a stronger, less crisis - prone financial system for the future. let me emphasize the importance of this : without this consensus, the integrated system that has been of such benefits to all of us would be at high risk of fracture. we now need consistent implementation going forward to preserve a level playing field across national financial sectors. to summarise very broadly the thrusts of the agenda, let me begin with a key lesson : the need in future to take a system - wide approach to the assessment of financial system and economic conditions, as well to the system ’ s regulation, rather than focus alone on the health of individual institutions, markets and products. while individual economies and financial institutions appeared sound to market participants and to us as authorities, we failed to recognise the extent to