NBFCs-ND-SI relied significantly on short term funding sources such as debentures (largely non convertible short term debentures), and CPs, which constituted around 56.8 percent of the total borrowings of NBFCs-ND-SI as on September 30, 2008.
The fundamental logic of the EU Treaty – with the convergence framework embedded in it – remains the right one. Existing members, as well as candidate, and potential candidate countries have to make sure that they pursue sound policies.