With the extension of the Single Market to the new Member States all remaining barriers to trade and capital flows have been removed by now, thereby supporting further integration. It is already observable that small and medium-sized enterprises from the EU-15 countries are becoming significantly more active in the new Member States, as the economic and legal environment has become more stable upon accession.
Turning to refinancing risk, you have sought to spread the auctions for refinancing adjustable-rate loans over the year as we agreed. This means that a smaller bond volume is refinanced at any given time. So if an auction is a failure and the number of investors is insufficient, this situation will be easier to manage.