In some regions it was almost impossible to buy the policy without additional foisted services, there were difficulties with reimbursement of damages. The overall situation has improved, but some regions still experience difficulties with OSAGO. We have introduced an electronic OSAGO policy. For now, only 200,000 electronic policies have been issued, that is not many. Therefore, we welcome the law that would bind insurers to issue an electronic policy upon the customer’s request from January 2017. Last year, we improved the European accident statement rules – documenting road traffic accidents without involvement of the road police has become easier and more convenient. Microfinance organisations. Microfinancing is discussed with fervour. I would like to stress, that we believe it to be short-sighted to ban microfinancing. Short-term loans are in demand and if there is no regulated business, consumers will turn to illegal lenders. We took measures to ensure better protection of citizens’ rights, primarily, by limiting the maximum effective interest rate and fines and interests on overdue loans. And I believe we should move from the fourfold maximum to the twofold on the legislative level. As for illegal lenders, this problem needs a legislative solution, among other things. The accountability of illegal lenders is currently not very serious, so to say. Moreover, ironically enough, the illegal lender can recover the debt in court. We believe it to be important to deprive agreements with illegal lenders of relief at law. Non-governmental pension funds. We have established a system of pension savings guarantees.

It complies with all SWIFT formats and everyone can use this convenient format to transfer messages domestically. We closely cooperate with our colleagues in Belarus and Kazakhstan in coordinating the development of the national payment systems. Some words about countering fictitious transactions. According to our estimates, fictitious transactions have shrunk by about one-third. The monitoring has become more efficient. Fictitious transactions in the non-bank sector are better revealed due to, among other things, our thorough inspections we can implement as a megaregulator. In 2015, quite a few unscrupulous players were swept off the market: 93 banks, 96 insurance companies, 21 non-governmental pension funds, 1,703 microfinance organisations, and 609 professional securities market participants. One of the reasons behind it was servicing the shadow sector of the economy. Looking back at the year, I would like to say that it was undoubtedly challenging with external environment constantly changing for the worse, but for all that we have achieved some important results. First, the economy showed its adaptability, and not a passive one. We can see that new sectors, the whole sectors have managed to grow amid an extremely worsened environment. There were also enterprises in the generally failing sectors which took the new possibilities and show potential for development. Second, the last year clearly signalled that 4  BIS central bankers’ speeches  structural reforms are needed for the economy to return to sustainable growth; and removing internal restrictions is a short-term objective. I am convinced that we will manage it. Thank you for your attention. Thank you.