The capital strengthening that the Italian banking system needs to implement in order to meet the new Basel III requirements by 2019, which was estimated at € billion in relation to June 2010, is now about € billion. We are making good progress.
For the future, the progressive increase in banks’ capital will be essential to ensure the growth of lending while guaranteeing the sound and prudent management of the banking system. It is very important that the tax treatment of intermediaries should not discourage them from strengthening their capital.