It is my hope that, by the time I conclude my comments, you will have a greater understanding of why it is essential that we continue with the next phases of implementation, in which the volume of transactions and the number of participants with access to the counterparty will be expanded. Risks presented in the Financial System Review But first, let’s talk about risk.
25 Figures derived from analysis of legal proceeding issued for loans in arrears as at 31 December 2017 by statistics division of the Central Bank. 26 See http://ec.europa.eu/finance/docs/policy/180314-proposal-directive-non-performing-loans_en.pdf 27  28  See Donnery 2018 “When is the right time?