In this context, with a view to building up adequate reserves to guard against any possible reversal of interest rate environment in future, banks have been directed to maintain a certain level of Investment Fluctuation Reserve (IFR). The Reserve Bank is also taking a number of steps to develop further the derivatives market.
*  *  *  Ladies and gentlemen, It is with great pleasure that I accepted the invitation to participate in the Global Financial Services Industry 2005 Summit here in Vienna, and I would like to extend to all of you a warm welcome on behalf of the Oesterreichische Nationalbank (OeNB).