And if you will indulge me on this U.S. national holiday, I would like to wish you a happy Fourth of July. I am honored to be addressing such an esteemed collection of professionals in the field of risk management. As you know, the Federal Reserve is strongly committed to the continuing evolution of risk measurement and management at U.S. banking organizations.
According to the government’s official business cycle turning point, there were two recovery phases: from the end of 1993 and also the beginning of 1999. During the former, after experiencing a temporary standstill due to effects stemming from the rapid appreciation of the yen in spring 1995, the economy realized more than 3% growth in 1996.