Other factors that contributed to the deterioration in asset quality were 1/6  BIS central bankers' speeches  adverse macro-financial environment; lax credit appraisal and post-sanction monitoring standards; project delays and cost overruns; and the absence of a strong bankruptcy regime until May 2016.
They stimulate competition, and increase the diversity of available financial services, generally at transactional lower costs, improved quality and potentially lower interest rates 4. This in turn positively affects household savings and consumption and the availability of credit to businesses, leading to gains in employment and standards of living.