And European capital markets remain segmented, limiting risk-sharing via cross-border debt and equity holdings. Only around 20% of shocks in the euro area are mitigated in this way, compared with at least 60% in the United States.
Ladies and gentlemen, I am pleased to say that BRED Bank has checked all the boxes and met all our licensing requirements and worked tirelessly to set up their operations here in Suva. Now let me make some brief background comments on BRED Bank.