The observation period for the liquidity coverage ratio is from 2011 to 2014, after which it is to be applied as a minimum regulatory measure. For the net stable funding ratio, the observation period starts in 2012, and it won’t become a minimum standard until 2018. 5.
1/4  BIS central bankers' speeches  I will now briefly discuss the main points of the recommendations and the background of the report. Output per work hour in Israel, what we economists define as “labor productivity", is 24 percent lower than the OECD average, and this gap has not declined in recent decades.