As for financial integration, I am an inveterate optimist. I firmly believe that we can build an integrated financial market in our part of the world. It makes economic sense – we have the know-how; we have the technology; and above all, we have the people. REPSS is a first step in the direction of financial market integration.
The announced refinements are as follows: First, some revisions are being introduced to the haircuts for credit institution debt instruments and asset-backed securities. The first are increased by 5%, across all maturities, while the haircut schedule for ABS is replaced by a unique haircut of 12% for all maturities and coupon types.