  First, the guidelines provide that the Promoters/Promoter Groups, if found suitable for setting up a bank, would be required to first set up a wholly owned NonOperative Financial Holding Company (NOFHC), which will hold the new bank and  BIS central bankers’ speeches  5  other regulated financial services entities of the Group.
Against this background, we are confident that inflation in the euro area will continue to decline to a level consistent with price stability. Receding external price pressures, combined with the expected continuation of wage moderation, underpin this expectation.