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contracts has also facilitated banks ’ risk management. concluding remarks ladies and gentlemen, let me briefly conclude. i have discussed how, under the challenging conditions of the past few years, the eu banking sector has remained robust thanks to a benign combination of cyclical and structural factors. nevertheless, a number of challenges remain both for banks and authorities, in particular, in the structural domain. several eu countries are still faced with excess capacity in their banking systems that will have to be further reduced over time. likewise, cross - border consolidation might accelerate as mergers and acquisitions pick up again following improved market conditions. regarding regulation and supervision there is the new committee structure that is currently being set up at the eu level to improve rule - making and implementation ; its agenda is demanding and challenging. other important challenges that lie ahead are the introduction of the new capital accord and the international accounting standards, whose potential structural effects on the eu banking sector are still uncertain. finally, another significant change for the eu banking sector, as i mentioned, is the recent entry of the new member states into the eu. however, as these countries ’ banking systems are, to a large extent, already integrated in the eu banking system, this should be favourable for a smooth transition. ladies and gentlemen, i thank you for your attention.