measures proposed last december by france assureurs to ensure that unit - linked policies that are both overpriced and underperforming are more effectively removed from commercial offers. the industry should make a public announcement detailing these measures by next week. european dora regulation published at the end of 2022, whose implementing decrees are currently being drafted, will allow for a better management of cyber risk, which has been particularly significant in recent months. page 8 of 9 france was ranked first in the fight against money laundering and terrorist financing by the fatf in its may 2022 assessment report. we must pursue our efforts to remain exemplary and play a leading role at international and european level, in particular in connection with the french bid to host the new european authority ( amla ) in in this area. as regards climate risk, despite major advances in terms of transparency and disclosure standards, the first dedicated stress tests - including the one pioneered by the acpr - showed that preparation for physical and transitional risks could still be improved. as regards the insurance sector, eiopa has conducted a first stress test on european supplementary occupational pension schemes. the acpr has continued its work with insurers to prepare for the next exercise, which will take place in 2023 and whose results will be published in the first half of 2024. lastly, and perhaps most importantly, as a number of recent episodes of market volatility have shown, non - bank finance poses an increasingly important systemic risk and needs to be better regulated, both at the microprudential and macroprudential levels, in order to control leverage and contain liquidity risk. * * * page 9 of 9 we have just celebrated the 25th anniversary of the ecb, and next year we will mark the 10th anniversary of the ssm within the ecb. this is certainly not a time for complacent celebrations ; it remains a time for active vigilance. but these milestones are an opportunity to recognise that, throughout years of severe international crises, the european financial system, and particularly the french one, is increasingly resilient. the acpr is committed to contributing further to this. i will now hand the floor to jean - paul faugere, vice - chairman of the acpr, to speak about the insurance sector. i the slight decrease observed in 2022 results from lower tier 1 capital, which was impacted among other things by the lower valuation of insurance subsidiaries due to the rise in interest rates, compounded with

this brings me to the end of my presentation. central banks are at the core of financial systems and therefore closely follow developments which can foster integration [ see slide 25 ]. the ecb and the entire eurosystem devote a substantial amount of resources to this task, because we are convinced that progress in this area is important for the european economy, within the framework established by the lisbon agenda. finally, i should also like to stress that, while financial integration is an important driver for increasing the efficiency of a financial system, financial efficiency also depends on financial development. therefore, future reports are envisaged to encompass analysis and assessment of the various factors determining the efficient functioning of the financial system. the special feature on financial development that i presented is a first step in this direction. thank you very much for your attention. i am now at your disposal for questions.