On the expenditure side, total expenditure of $ million was less than budgeted by just over $ million. The conservative expectation for income, coupled with strict expenditure management controls, contributed to a higher than anticipated operating profit of just under $ million.
It became more expensive to insure against the default of euro area countries, and this change of mood was reflected in significantly higher sovereign CDS premia for euro area countries. This would suggest that the bank rescue packages brought about an increase in public sector credit risk.