remain manageable by the individual enterprise and by the market as a whole. specific banks will withdraw from the market in future, too ; the propensity to withdraw might even increase. it is therefore essential for credit institutions, supervisory authorities and policy makers to safeguard the stability of the european financial system effectively. only then can the european banking and financial sector discharge its macroeconomic duties, that is to say, bolster economic growth and employment efficiently. thank you very much for your attention!

related administrative services to individual retirement accounts and pension, retirement, and other similar benefit plans. in this area, as well, the commission has interpreted the exception in a manner that is inconsistent with the language and purposes of the act and that prevents or significantly disrupts the customary banking relationships and activities that congress sought to preserve. in particular, as i noted a moment ago, the act explicitly permits banks to continue providing custodial and related administrative services to iras and benefit plans. this language was added to the bill during the house - senate conference to resolve any ambiguity concerning the ability of banks to continue to provide securities execution services to their custodial ira customers and to benefit plans that receive custodial and administrative services from the bank. bank - offered custodial iras provide consumers throughout the united states with a convenient and economical way of investing for retirement on a tax - deferred basis, and banks have long executed securities transactions for these accounts subject to irs requirements and the supervision and regulation of the banking agencies. banks also provide benefit plans with custodial and administrative services, including securities execution and recordkeeping services, under the direction and supervision of the plan's fiduciaries. these bank - offered services allow plan administrators to obtain securities execution and other administrative services in a cost - effective manner, thereby reducing plan expenses and benefiting plan beneficiaries. the commission, however, has stated that the custody exception does not allow a bank to effect securities transactions for its custodial ira or benefit plan accounts. this position essentially reads the explicit authorization adopted by the congress out of the statute, is completely contrary to the purposes of the act, and would disrupt long - standing relationships between banks and their customers. in addition, the interpretation of the custody exception adopted by the commission would prohibit banks from executing securities transactions for their custodial customers on an accommodation basis. banks, as part of their customary banking activities, have for many years effected securities transactions as an accommodation to their custodial clients. these customer - driven transactions occur only upon the order of the customer and allow the customer to avoid having to go through the unnecessary expense of establishing a separate account with a broker - dealer to effect occasional securities trades associated with the customer's custodial assets at the bank. in an effort to mitigate the adverse impact of these interpretations on the banking industry, the commission proposed two exemptions that would permit small banks, on one hand, and all banks, on the