As of year-end 1999, for the five large banking organizations with more than one billion dollars invested, at cost, in equities, these assets accounted for between approximately 10% and 25% and more of Tier 1 capital and between more than 10% and 35% at carrying value.
The economic outlook As I said before, the world economic horizon is now clearer. Interest rate reductions around the world -- most recently across the euro area -- have helped to rebuild investor confidence and to calm global financial markets.