Its implementation, alongside the privatization and real estate development programme, is on-going. Finally, the banking system has been restructured and consolidated. Significant recapitalization, following stringent stress tests along with in-depth asset quality reviews, now ensures that Greek banks are among the best capitalized in Europe.
I want to draw your attention to the recent closure of a Kenyan bank, which had a subsidiary in Uganda. The closure highlighted a few challenges in the winding up of parent banks while the subsidiary remains operational.