banks managed to eliminate their reliance on the emergency liquidity assistance and regained access to the wholesale markets, issuing senior unsecured notes and capital instruments. two systemic banks also managed to tap the capital markets and executed successful share capital increases in 2021. currently, banks enjoy adequate liquidity and capital buffers that can allow them to provide lending to the real economy. still, the npl ratio remains the highest in the eurozone and is an impediment to credit expansion, especially to small businesses where the credit risk is higher. securing financing for investment in greece is crucial in order to meet future challenges. investment has declined dramatically during the global financial and debt crisis and has not recovered significantly since. in 2020, investment in greece stood at close to 12 % of gdp whereas the euro area average was almost 22 % of gdp. greece obviously needs an investment shock to augment the eroded capital stock, increase productivity and overcome output hysteresis. investment has recovered sharply in the first three quarters of 2021, supported by a significant increase in bank credit to nonfinancial companies since the start of the pandemic. and the eib has played an important role to that since, together with the european investment fund, provided support for private and public investment of 4. 85 bn euros. this is a significant increase from the previous record of 2. 8 bn euros delivered in 2020. eib group financing in greece represented 2. 7 % of national gdp, the largest engagement in any country worldwide. as regards non - financial corporations, in 2021 more than 10 % of new bank business loans were supported by financial instruments related to the eib or the eif. looking ahead, the role of the eib will remain crucial. following the agreement between eib and the ministry of finance, eib will manage 5 bn euros in the context of the national recovery and resilience plan. via this agreement, the eib will utilize funds of the rrf loan facility for onlending to private investments. the rrf loan facility will cover up to 50 % of each investment project, while the remaining amount will be covered by eib ’ s and beneficiaries ’ own funds. greece will benefit from the technical, economic and financial expertise of the eib in identifying high - impact projects and effective structures, which will significantly contribute to make the best use of the rrf funds. greek businesses and entrepreneurs will also benefit from access to financing as a result of the partnership between the country

- to - market at yearly and monthly intervals ( or even more frequently ), respectively. banks are being encouraged to set up investment fluctuation reserve ( ifr ) accounts as part of prudent policies for utilising the gains from sale of investments in securities in the current benign interest rate regime so that they are adequately protected against any reversal of the interest rate environment. realised gains from sale of securities can be transferred to these ifrs, which vary between 5 and 10 per cent of bank portfolios and qualify for inclusion in tier ii capital. unrealised gains should not be taken to the income account or to the ifr. as regards the reliability of disclosure, the choice is narrowing down world wide to rule - based versus principle - based standards. undoubtedly, principles need to be given added content before they can be applied effectively and enforced. the growing complexity of financial innovations is defeating the sustainable application of detailed rules : they can be circumvented through creative accounting. it is for this reason that a decisive preference is emerging for principle - based disclosure. there is also a distinct shift in the approach of the reserve bank, for instance, with circulars and instructions being replaced rapidly by guidelines, guidance notes, illustrations of conformity nuances and extensive consultations with banks on recommendations of relevant working groups before they are implemented. indeed, similar considerations are pushing prudential authorities away from quantitative rules towards qualitative supervisory oversight in recent years. v. structural changes in the banking system financial systems worldwide are undergoing structural transformation. technological innovation, deregulation of financial services at the national level, external financial liberalisation, and organisational changes in the corporate world are some of the global factors driving the transformation. banking and finance in emerging economies is also caught up in this change. in these economies, in addition to global developments, country - specific factors are motivating the structural shifts. consequently, two separate directions of reform are evident. there is an expansion of the financial system due to vacation of policy interventions in entry, exit and operations, the application of new advances in information technology and in general, a greater emphasis on competition and market - based outcomes. almost contemporaneously, there is a strong drive towards consolidation in a quest for exploiting core competitiveness and for developing “ niche ” strategies. in india, the primary force for transformation was structural reforms launched in the aftermath of the balance of payments crisis of 1990 - 91. it was recognised that a vibrant,