These measures have succeeded in stabilising the euro area banking system. Over time, as some  BIS Review 159/2008  1  government measures are being fully implemented, they should contribute to lowering funding costs of banks and facilitate the provision of credit to the broader economy.
After these introductory remarks, let me first present the latest available figures regarding the total turmoil-related income losses and the new capital raised by major global banks since the beginning of the second quarter of 2007 up to and including the third quarter of 2008. Over this period, the total mark-to-market losses amounted to USD 720 billion globally.