Although customer deposits still constitute the largest part of banks funding base, their share as a percentage of total assets of the euro area banking sector has been declining. This is shown in Chart A.
Actions have been initiated to implement the recommendations of the Committee. The Indian foreign exchange market has been widened and deepened with the transition to a marketdetermined exchange rate system in March 1993 and the subsequent liberalisation of restrictions on various external transactions leading up to current account convertibility under Article VIII of the Articles of Agreement of the International Monetary Fund in 1994.