defined nine different categories of business model, ranging from large universal banks and domestic lenders to specialised asset managers. we then place each bank in one of these categories and can thus compare it to its european peers. like all supervisors, we ask one very general question : can a bank generate sufficient returns within a framework of suitable risk appetite and on the basis of a clear and sustainable funding structure? 1 / 3 bis central bankers'speeches for us, a business model is viable if it can generate such returns over the year ahead. and it is sustainable if it can generate such returns over a three - year period and through a full business and economic cycle. the first step we take when we analyse a business model is to map out the general strategy of the bank. we try to understand its main sources of profit and how they might be affected by economic developments. we then refine the map by comparing the bank with its peers across the euro area. as i just mentioned, this is one of the main benefits of european banking supervision. the next step is then to derive an automated score. this score is based on indicators such as the return on assets and the cost - to - income - ratio. and as i already said, we then complement the scoring with expert judgement. in doing so, we take a forward - looking approach. and what we look for are key vulnerabilities. we assess how profits might evolve over time. we analyse the bank ’ s strategic plan ; we take into account its financial forecasts and assess how it might be affected by internal and external factors. in the light of this assessment, we might adjust the score. the final result then feeds into the srep and guides us when we determine supervisory capital add - ons and other measures. as the ecb is still a young supervisor, we still need to learn more and dig deeper. that ’ s why, in 2016, we launched a thematic review of banks ’ profitability drivers at firm level and across business models. that review is still ongoing and will provide some more tools to support us when we analyse business models and monitor profitability. it will strengthen our ability to identify banks with structurally low profits ; and it will examine in depth how banks respond to weak profits – now and in the future. the thematic review will conclude at the end of this year. are we satisfied with the business models of banks in the euro area? are we satisfied with the progress banks have made by learning the lessons

as long as needed. these liquidity - providing operations do not have a direct effect on euro liquidity conditions, but are conducted to address the availability of us dollar funding for euro area banks and aim at improving global funding conditions. it is important to stress that the actions in connection with the taf marked, to my knowledge, the first systematic, multilateral and successful central bank co - operation in the money market field, a market which is central to the implementation of a central bank ’ s monetary policy. i believe that all of these actions have proved to be effective in easing the tensions at the short - term end of the global money markets and in maintaining control of short - term interest rates in the euro area. i am sure that global money and funding markets will continue to benefit from our very close cooperation. we will carry on working together closely and are prepared to take appropriate steps as needed to address funding pressures. 4. 1. 3 increased financial intermediation before discussing the latest monetary policy decision, i would like to point out that as a result of its enhanced liquidity interventions in euro and usd over the last fifteen months, the eurosystem has significantly increased its involvement in financial intermediation in the euro area. indeed, the eurosystem has moved from the situation before the start of the turmoil in which it provided banks only with as much liquidity as necessary to implement its monetary policy stance, with the intermediation being performed by the market, to the present condition in which it effectively intermediates liquidity flows among banks in order to mitigate dysfunctions of money markets. the increased intermediation role assumed by the eurosystem during this period of turbulence has contributed to the stabilisation of short - term liquidity conditions, as well as to contain volatility in the very short - term rates ( especially in the overnight rate as measured through the so - called eonia ) and to limit somewhat the volatility in the three - month euribor, even if the behaviour of the money market remains extremely tense. of course, this is not the ideal solution in a market - oriented economy like the euro area and, indeed, the eurosystem looks forward to the reactivation of inter - bank lending and to banks resuming their traditional intermediation activity. however, as long as money markets remain dysfunctional, the eurosystem will continue to provide liquidity as needed in order to ease tensions in the impaired money markets, with a view