ECB has published the Eurosystem’s response to the now-closed Commission consultation on the impact of the CRD4 and CRR on bank financing (see FReD 17 July). It acknowledges that at this early point after CRD4 implementation, it is difficult to draw firm conclusions about the impact on the financing of the real economy. This is due to other significant influences on banks’ capital levels evidenced during this period, notably from government intervention, supervisory action and market pressures. (Source:Eurosystem Responds to Consultation on CRD4 Impact)