loans in an efficient manner is important from both a micro and a macro - prudential perspective, since it would not only improve the financial soundness of banks, but also free - up funds to be directed to other more productive sectors of the economy, resulting in an increase of productivity and growth. the resolution of private debt is of utmost significance for the rebalancing of the greek economy towards export - oriented sectors and the efficient allocation of resources. the identification of viable businesses, for which 2 / 3 bis central bankers'speeches sustainable long - term restructuring solutions should be implemented, will preserve the productive fabric of the economy and lay the foundations for resumption in investment and growth. in a similar vein, restoring affordability of household debt can render many households once again bankable and reinforce social cohesion. in conclusion, greece is about to return to economic and financial normality and to shift to a new, outward - looking and sustainable growth model, based on tradable goods and services. to this end, allow me to highlight the following pre - conditions : the prompt completion of the second review and a more realistic approach by all parties to the fiscal mix and government debt burden. thank you for your attention. 3 / 3 bis central bankers'speeches

1, 2013. while the mca placed on its website thirty five ifrs converged indian accounting standards ( ind as ) in 2011, it stated that the standards will be implemented after various issues including taxation are resolved. 25. in order to address the implementation issues and facilitate formulation of operational guidelines to facilitate the ifrs convergence for the indian banking system the rbi has formed a working group. specific issues relating to ( i ) classification and measurement of financial assets, ( ii ) classification and measurement of financial liabilities and hedge accounting, ( iii ) amortised cost and impairment, ( iv ) fair value measurement, ( v ) presentation, disclosure and balance sheet formats and ( vi ) derecognition, consolidation and residuary issues are being dealt with by the working group. 26. with respect to the financial sector in india, there are special issues and challenges in view of the large scale revision of standards pertaining to financial instruments ( ias 39 ) which are of central importance to the banking system. iasb had indicated that the period 2009 to 2011 will be kept as a stable platform by them to facilitate convergence by many countries during this period. however, the global financial turmoil and the consequences thereof in the accounting scenario necessitated large scale revision of various standards especially those relating to financial instruments and fair value accounting. 27. as india attempts to transition to ifrs, the biggest challenge to the banking sector which is of equal concern to us as regulators, is the lack of clarity and uncertainty regarding bis central bankers ’ speeches the finalisation of ifrs 9 : financial instruments ( scheduled to replace ias 39 ) and its convergence with us gaap. one of the intentions behind scheduling banks for a later convergence was to avoid having them first apply ias 39 and immediately transition thereafter to its replacement viz. ifrs 9. countries like canada which have recently converged to ifrs found it easier on account of pre - existing standards being fairly well aligned with ias 39, which is not the case in india. with the delay and uncertainty in finalisation of ifrs 9, the convergence process has become almost equal to chasing a fast moving target. 28. the finalisation of impairment provisions of ifrs 9 at an early date is a critical issue which needs to be addressed by the iasb and fasb. our apprehensions are that the current proposals contained in the exposure draft or the three bucket model for provisioning are difficult to implement and operationalise. further, in countries like india, there may