The loan expansion was also favored by a declining trend in interest rates. Although showing a stable path since mid 2004 due to tight bias monetary policy, the 3 month SBI rate has declined from 8.15% at the end of 2003 to 7.4% by the end of 2004.
As a result, large leaps forward in integration are presently hard to conceive. 4  Given all the steps that have already been taken over the past years, I however believe that with a series of relatively small steps aimed at restoring the balance between liability and control we can already achieve a great deal of improvement.