We have estimated for instance, that in the current scenario, a 30 per cent reduction in the stock market could reduce the portfolio of some pension funds by about 10 per cent. As regulator, we have a responsibility to ensure that pension funds exercise good prudential risk management.
Obviously, we need to consider a reasonable transition period to minimize the impact on the stock market. Ladies and gentlemen, I have taken (perhaps too much) time to make the fundamental point that we have an excellent opportunity to transform our economy through the establishment of a strong, exportbased non-energy sector.