We will continue to press all firms to engage and work to find solutions for both firms and borrowers which address the underlying issues. But we must also all recognise that there will be cases where this may not possible.
Another is the maturing growth of emerging economies such as China: it is probably impossible for China to sustain economic growth at the double-digit rates of the 2000s – although its growth rate is still expected to stabilize at an enviable annual pace of 7 per cent for the foreseeable future. Both sets of factors suggest lower global economic growth than before the crisis.