And third, we adopt an explicit objective function with related constraints, which aims at preserving the value of the financial resources required to pursue our institutional functions in an effective way and an independent manner, over the long run and especially in adverse scenarios.
The theoretically optimal composition of our investment portfolio minimises the average expected loss in the worst 1 per cent of scenarios over a 10-year horizon, subject to two short-term (one year) constraints aimed to avoid the risk of (i) a depletion of financial capital, and (ii) the emergence of accounting losses.