The operations of the Eurosystem are currently on a full allotment basis; banks’ refinancing capacity accordingly depends on the availability of collateral. In recent months Italian banks have significantly increased the collateral pool at the Bank of Italy, to about € billion at the end of January.
*  *  *  Monsieur de Courscel, Monsieur Durand, Ladies and Gentlemen: It is an honour and a pleasure for me to join you today to celebrate the formal opening of the BNP Paribas premises at the Bahrain Financial Harbor. May I welcome M. de Courscel and his colleagues who have travelled from Paris to be with us today.