In its recent World Economic Outlook update in July, the IMF revised down its April forecasts for global growth in 2013 by 0,2 percentage points, mainly as a result of a sudden deterioration in the outlook for the emerging markets.
The proposal did not meet the approval of our accountants and auditors because of their steadfast adherence to their accounting principles, to the great delight of our single shareholder who thus got an unusually large second transfer of profit from the Bank in a year when it would have been more prudent to provide for expected losses on the horizon.