A more dynamic response during the first years of the crisis, by implementing the necessary legislative changes much earlier and introducing a centralised asset management framework for NPLs as other Member States have done could have reduced the problem we face today.
Distinguished ladies and gentlemen,  33. In addition to the above macro challenges, another significant test relates to how the financial sector contributes to economic development through effective and efficient financing. The Banking Act No.7 Year 1992 as amended by Act No.10 Year 1998 clearly stipulates the banking industry to play intermediary role for the economy in an effective and efficient manner. 34.