We will not swerve in our determination to support you. It is a great honor to speak before you today. Bank productivity is increasing thanks to the efforts of Jacques de Larosiere and Ron Freeman.
Lending is up and administrative costs down.
The EBRD is now a lean organization. We are seeing revolutionary change in Central Europe and the former Soviet Union. We will not swerve in our determination to support you. Five and a half years ago, the collapse of the Berlin Wall sparked a rush to freedom in Central Europe. Poland, the Czech Republic, the Baltic states and Albania have backed reform with vigor.