We are working together with the Government to design them, in compliance with the European rules on state aid. A discussion that we hope will be rapid and constructive is now under way with the European authorities.
In 2014 the large increase in Italian banks’ capital ratios, with the average core capital ratio rising to 11.8 per cent from 10.5 per cent the year before, was achieved mainly with the capital increases carried out, at our prompting, in the first half of the year; the contribution of self-financing was negative for the system as a whole.