Some provisions were introduced in Solvency II to dampen the impact of interest-rate volatility on insurance companies’ balance sheets, such as those related to the parameters for the extrapolation of risk-free interest rates at very long-term maturities and other measures that are meant to smooth the transition to the new prudential regime; such provisions may also reduce the impact of a prolonged situation of low interest rates.
When I turn over the reigns of leading this organization in July this year, I am confident that the Bank’s management team shall carry on what we have started, strengthen what we have put in place, and sustain the gains of our collective efforts. For all your support and cooperation, thank you and I wish you all the best. BIS Review 11/2005  3