Over the next few months, disposals and securitizations already under way and those recently announced by a number of banks will further drive down the stock of NPLs, which, net of existing write-downs, should fall below 8 per cent of total loans in the early months of 2018.
I would like to thank Steve Howard, Secretary General of The Global Foundation, for bringing together so many distinguished guests to discuss the state of the world and how it might be improved. I also thank Jock Murray, Chairman of The Global Foundation, for his kind introduction. I am honoured to set the stage for the keynote address by His Eminence Cardinal Pietro Parolin.