The Administrative Sanction Procedure cases concluded this year have resulted in monetary penalties totalling € million, 6 reprimands and the disqualification of  BIS central bankers’ speeches  9  two persons concerned in the management of a regulated entity for a period of three and a half years each. Over 2011 a number of our enforcement cases involved action against lower impact firms.
With the benefit of hindsight, I am sure we will see the cleaning up of the process of allocating public resources like spectrum and mines, as well as the process of appointing critical personnel such as public sector bank chiefs, as one of the most effective reforms undertaken by the government. This is significantly increasing transparency in our system.