16 / 20  BIS central bankers' speeches  The economic recovery, the expected steepening of the yield curve and even the progress being made in reducing the NPL level from the average peak of 8% in 2013 to the more recent average of 5.5%, have improved the market assessment of future banks’ profitability.
This initiative would support our aim of catalysing joint initiatives to develop effective market solutions, working together for the public good and fostering trust. By addressing cyber risks that can be systemic and highly costly in an increasingly sophisticated threat landscape, CIISI-EU will contribute to protecting the European economy and security.