Some have extended their footprint beyond our shores, setting up operations in the region. Our banking sector assets represent around 3 times our GDP. There were nearly 25,000 GBL companies and their deposit base at the end of 2012 represented around 39% of total banking deposits. There is a long way to go before we reach the size of other small IFC’s.
Developments in the global economy  I will start with the global economy. While many factors were pointed out to be in the back of a sharp deterioration in the global economy since the autumn of last year, I summarize those based on the following two factors.