For this reason, we have already conducted a preliminary stress test, and plan on implementing a number of quantitative impact studies and defining an optimal model of legal amendments and secondary legislation, which will implement the Solvency II framework by the stated deadline. The question, however, is when they will be applied.
Setting up the above-mentioned domestic conditions is important to strengthen our partners’ confidence in the fulfilment of our obligations over time and to win their solidarity. As regards short-term external conditions for a successful exit of the adjustment programme, I consider it crucial that European mechanisms be in place so as to address incidental factors.