This is the key factor for a reduction in interest rates on housing mortgage loans. We believe it is entirely plausible to reduce mortgage interest rates to 8% within the period stipulated in the Presidential decree. Bank lending is certainly an important, but not the only source of financial resources for businesses. Both debt (loans) and equity (capital participation) instruments are important so that companies can raise funds to deliver on the national objective of raising fixed capital investment to 25%. We have already expanded the range of such instruments. We revise regulations to simplify and accelerate the process of security issue for issuers. They already can register bond programmes, which considerably reduce procedural costs. In the near future, they will be able to register issues electronically. Currently, bonds account for 18% of total corporate borrowing, which is more than 7 trillion rubles. Therefore, the accessibility of borrowings for our companies should mean not only bank lending, but also expansion of corporate bonds. However, companies need to expand their capital stock along with the use of debt financing. An improved approach to corporate governance is of paramount importance in raising equity financing. Investors will only invest in enterprises whose operations they can understand, where their rights are protected, and there is a clear picture of how they can earn money. Public companies have, therefore, enhanced the controlling and strategic functions of their board of directors, and will continue further enhancement.

The value of dubious transactions in the financial system continued to decline last year, and this is a stable trend of recent years. The slides show data over several years. Cashing-out transactions halved, while illegal overseas withdrawals shrank by 20%. These are last year figures. The development of digital technologies increases potential cyber-risks. We are controlling cyber resilience of financial organisations. The Bank of Russia continuously monitors cyber-attacks and operates a system of information exchange and support for market participants. As regards the protection of households against fraud, our objective is to minimise the period of time between the moments when a Ponzi scheme or an organisation that illegally provides financial services is revealed and liquidated. This requires large-scale monitoring. Last year, we established two special-purpose centres in our Krasnodar and Khabarovsk branches, which helped us detect fraudulent entities more promptly. Last year, we revealed 168 Ponzi schemes, which is 25% more than the year before. We are working together with law enforcement agencies, including regional authorities. It is law enforcement agencies that bear responsibility for putting an end to the activity of such illegal entities. Illegal lenders pose the greatest threat to the public. Under the guise of microfinance organisations (that is why microfinance organisations often face criticism), they offer loans which are sometimes secured against housing, and afterwards demand that borrowers repay enormous amounts of money. Illegal lenders usually operate via the Internet and we must stop their activity.