The ACU Board meeting is being held in India after a gap of seven years - the previous one was held in May 1996 at Mumbai. I am sure that this meeting, as was the case with all the earlier occasions, will also prove to be a fruitful one and would be an important landmark in the consolidation and further strengthening of the ACU.
We analysed how the simultaneous occurrence of various macroeconomic shocks over the next three years might affect the German banking system. To this end, we assumed a sudden rise in short-term interest rates and a sharp fall in stock prices, the real economy and real estate prices: all things considered, an exceedingly severe scenario.