For the two-year period of 2009 and 2010, this means that, altogether, there were write-downs of some € billion. In the 2009 Financial Stability Review, we estimated a figure of between € billion and € billion. The actual write-downs are therefore in the lower half of the expected range.
Thank you to the South African Institute of International Affairs and the Centre for Human Rights at the University of Pretoria for the kind invitation to participate in this study group meeting.