In contrast, the ratio of equity wealth to after-tax income soared from 1.1 in early 1995 to 2.6 in early 2000 before subsiding to 1.5 in the third quarter of last year. Developments in the United Kingdom over this same period are consistent with the U.S. experience.
We have a full day of discussion, which allows us to study current issues of the financial sector in depth. With the participation of all financial institutions, and with the collaboration of the Financial Services Commission, we are able to take a comprehensive view of the financial system, including banks, finance companies, insurance, pensions, mutual funds, credit unions and securities.