4 Conclusion As you can see, we are currently facing major challenges. If we are to master these challenges, we will need good economic and monetary policy, accompanied by clear and coherent communication. For this to succeed, I now look forward to answering your questions. Thank you very much for your attention.
Surplus funds that are not lent out to members are earning limited investment returns (reflective of the current low interest rate environment).8 In addition, the operational business model continues to lack scale efficiencies and suffers from high operating costs.