*  *  Introduction  Ladies and gentlemen, I am very pleased to speak to you today on the occasion of the 10th Symposium on Finance, Banking, and Insurance. I would like to congratulate the organisers for arranging this internationally esteemed conference at the University of Karlsruhe.
That is equivalent to around EUR 45 billion, which could potentially flow back into the euro area, presuming that the amount has remained unchanged since then. According to all available sources, the actual flowback of cash holdings from abroad should, however, be a lot lower.