We will also update you on the forthcoming market-wide exercise, which will explore the challenges of a specific cyber scenario and see how we can work closer together in times of crisis. I am confident that we will have a fruitful discussion. I will now hand over to my colleague Sabine Lautenschläger, who will make some introductory remarks from the supervisory perspective.
Prior to the crisis, they had viewed hedging markets and financial engineering as powerful means of detaching credit and liquidity risk from a wide range and large volume of circulating private-sector securities. The rapid growth and use of apparently low risk private-sector securities in funding markets was itself due to a number of interacting factors.