As slide 12 shows, the net income of euro area significant banking groups actually increased between 2014 and 2015 [Slide 12: Euro-area large banks: Aggregate net income]. This was mainly driven by lower impairments and higher non-interest income. Even net interest income made a positive contribution, despite a small decline in interest margins.
It is for this reason that at the level of the Bank, we have urged Government to consider setting up a collaborative platform comprising relevant stakeholders to reflect on the implications of the FATCA in Mauritius and take a concerted view regarding its implementation. I am very pleased that the collaborative platform has been constituted.