However, we still face uncertainty. There might be more delinquencies of US homeowners over the coming quarters, and we do not know when the adjustment process in the US real estate markets will come to an end. Moreover, the situation in money markets has not completely returned to normal.
The funding of the interbank market continues to be hampered by liquidity concerns and a lack of confidence with regard to potential counterparties. With the increase of risk premia in the international corporate loan markets, a period of extremely favourable financing conditions has come to an end.