To address these weaknesses, important reforms were introduced over the years regarding the popolari banks and the cooperative credit banks and, in recent years, among other things, we have considerably raised the Pillar 2 capital requirements set by supervisory authorities in addition to the minimum ones.
Transactions costs are higher and, in particular, liquidity costs are higher. I am not sure that all market participants have fully appreciated this yet and are fully cognisant of the impact of the post-crisis changes. The second development to note is in the asset-backed security space.