The Bank is also monitoring developments in risk factors and their impacts on the global economy; risks include those of the new U.S. administration's economic policy and of political situations in Europe, as well as geopolitical risks. Let me now turn to Japan's economy.
Even though the banks were granted authorisations to the extent of 97 per cent and 62 per cent of the authorisations sought by them for the years 2004-05 (April-March) and 2005-06, respectively, as at end-March 2007, as much as 30 per cent and 38 per cent of the authorisations granted for those years had still not been utilised, even after more than a year or two of grant of the authorisations.