Without pre-empting the final result of the legislative process, I want to give you an idea of how we will be approaching proportionality in the European Union. I will address the “Who", the “How” and the “What". Let’s start with the question of “Who", namely who are the relief measures intended for.
The developments in electronic payment products present challenges for both banks and the regulators. For banks, the challenges arise from technology, customer service and fraud control points of view. Further, banks would also have to gear-up for competition from non-bank players. Let me discuss the challenges for banks first. Outsourcing 16.