The role of boards and senior management is critical in ensuring that the key risks, both present and foreseeable, are identified and effectively mitigated. With concerted efforts from all parties, an effective risk management process will enable banks to minimize financial losses, and optimize business practices, in order to respond to the changing business environment. Thank you all for the attention.
The most marked increase in competition occurred late last year and the early part of this year. Since then, our liaison suggests that competitive pressures have not intensified further but nevertheless they remain at a high level. As Ric Battellino noted last year, at some point, it is likely that the elasticity of deposits to price declines.