Including the portion of shares of non-residents in some banks, which have been agreed upon, although the legal permit process thereto has not been completed yet, the share of non-residents in total assets has reached over 16 percent. Comparing the ratio of assets of the banking sector to the GNP in Turkey to those of developed countries, it is seen that Turkey ranks considerably lower on the list. As long as the favorable developments continue, the banking sector should grow in parallel or, even more. However, it is obvious that in a sector so capitalintense, achieving growth will not solely be domestically. I believe that foreign capital inflows to the banking sector should be handled within this framework. In 2005, while the balance sheet of the banking sector grew in size, the share of TL-denominated assets and liabilities increased. As the crowding-out effect of the public sector diminished, the share of credits in assets continued to increase. This indicates that the banking sector has come close to its fundamental function. Despite the fact that the rapid upsurge in credit volume has increased the credit risk, the decline in the NPL ratio and the high provisioning policy adopted by the sector during the same period are considered as favorable developments. Meanwhile, the monitoring of credit risk,  BIS Review 68/2006  3  which may increase due to the policies on credit allocation that are likely to be eased in the growth period of the economy, is of great importance.
Given the severe stress, and how it was transmitted across borders, it would have been easy, and incorrect, to decide that the future lay in protectionism, barriers and more closed national systems. That would have been the wrong way to go. Fortunately, world leaders at the G20 made the choice to keep the system open, avoid fragmentation, with the cost and risk that brings, and instead chose stronger international regulatory standards and a much enhanced regulatory architecture based around the Financial Stability Board and the associated standard setting bodies. That system has been proven to work, notably by the resilience of the system in 2/3  BIS central bankers' speeches  the face of the Covid crisis. Seeking to fragment the international system cannot be justified in light of the success of the post financial crisis approach. I welcome the recent announcement to of the three-year extension of temporary equivalence for clearing houses. We will continue to work in strong co-operation with EU authorities to ensure risks in in clearing houses are well managed, as we do with other authorities in other countries. But I have to say that maintaining a shared deep commitment to open markets and open financial systems with strong and appropriate regulatory standards and cooperation to support them means that there need be no time limit to this equivalence. Adrian, the strong dialogue we maintain has played its part in enhancing the resilience of our financial system. I look forward to that continuing. Thank you.