The second main point of my remarks will be the situation of German banks and, third, I shall, of course, be going on to talk about the banking union, which is connected with the two preceding issues and currently the dominant topic in the world of the European supervisors. After that, I shall be handing over to Dr Andreas Dombret.
One of the things he will be talking about is how insurers are getting on in the current low-interest-rate setting and what implications the low interest-rate has for the property markets. 2. European sovereign debt crisis  Let us first take a look at the European sovereign debt crisis.