This reduction was achieved mainly through the implementation of more effective workout solutions, leading to a higher cure rate, as well as through write-offs of non-recoverable loans.
We are working actively to meet the higher standards, the Special Data Dissemination Standards (SDDS), which has been adopted by the developed and the emerging market economies. Given our responsibilities as policy makers and regulators of the financial system, we at the Central Bank can claim a higher than average stake in the development of our statistical base.