For the NSFR, I should also mention that this ratio has been the subject of a study conducted by the Bank for International Settlements (BIS) and entitled “BASEL III: Long-term impact on economic performance and fluctuations”1.
We also believe that there will be more granular changes in risk behaviors and consumer preferences. As simple as this sounds, this has significant effects on how products and services are produced and consumed. Changes will be nuanced across different economic activities. This is because it is the distribution of purchasing power that matters.