Proportionality in the application of Solvency II could be a way out of these doldrums. It will be interesting to hear from you on this point. I think that proportionality is a good principle, and its application to the second and third pillar of Solvency II – that is governance and reporting – is certainly worth being discussed.
We expect to initiate a National Payment Switch soon. This will connect all transactions by card and mobile phone to a central point, and lead to significant cost savings for all stakeholders. It will level the playing field for all banks by removing the barriers to entry which the costly initial investments represent for small banks, acting singly.