The experience of the past, particularly the case of Japan in the 1990s, has shown the dangers of underestimating the problem. This brings me to the second question. Monetary and fiscal policies have successfully averted a collapse in economic activity.
Overall NPL is low at 2.7% (gross) or 1.4% (net), although a bit increasing for some banks especially for the mining sectors. We have done  BIS central bankers’ speeches  3  analysis on the corporate risks as well as household risk. Last year we record corporate earnings were declining as economy was slowing down.