Nevertheless, the survey has also shown that 43% of euro area SMEs that had applied for a bank loan reported a deterioration in the availability of loans in the first half of 2009. This seems, in particular, point to increases in charges, fees and commissions or tighter procedures, collateral requirements and other types of required guarantees.
And it is a real pleasure to be here to celebrate the successes and achievements of central bankers from around the globe, such as my good friend Lesetja Kganyago of South Africa. Back in January, when Central Banking announced this award, you published an extensive writeup that detailed the reasons why we were judged to be worthy of it.