was a delay in recognising bad assets : the “ lost decade ” in japan in the 90s, the situation in a number of european countries following the global financial crisis of 2007 – 2009, and our own experience in 2008 – 2009. therefore, we have decided to gradually phase out regulatory easing. we will really phase it out, as mt aksakov has urged, carefully. but the phase - out is necessary. and the banks that made use of the easing will have to build up reserves in full for loans to large companies by 1 april next year, and for household loans and loans to smes — by 1 july next year within a timeline convenient to them. banks can also use capital that has been formed to meet capital adequacy buffers but with appropriate restrictions on profit distribution. we generally recommend that banks take a particularly judicious approach to paying dividends as there is continued uncertainty linked to the pandemic and capital may be required in the future to absorb losses. therefore, before paying dividends, it is vital to assess future capital needs based on conservative estimates. now about the funding situation. it has also levelled out. in general, over the first seven months of 2020, the funds of legal entities increased by almost 3 % ( by 2. 9 % ). concurrently, there was a significant inflow ( + 27 % ) of funds of state organisations. household contributions during this period demonstrated divergent dynamics. at the start of the pandemic, especially in march, there was an outflow of funds ( people formed cash reserves at the outset of the lockdown period ). however, as early as june — july, the situation had stabilised. on the one hand, this is due to the peak of the epidemic passing and the gradual recovery of people ’ s income, and, on the other hand, the substantial support provided by the government ’ s welfare payments. the active growth of funds in escrow accounts ( more than 330 billion rubles since the beginning of the year ) lent additional support, and this is noticeable, to deposits, thanks to the development of project financing for housing construction. therefore, this year deposits have already increased by 514 billion rubles 3 / 7 bis central bankers'speeches in the banking system, or 1. 6 %. the overall level of liquidity in the system remains high. and against the backdrop of monetary policy easing, deposit rates have declined in the corporate segment by 1. 3p.

or more of euro area countries every year. if we consider the demand for euros created by tourists from many countries of the world including of the gcc countries, we would realize that more euros will need to be issued and some would be held in cash for ever by all those who travel to europe. the euro is the currency of international tourism at the moment, because europe attracts more tourists than any other region in the world, and it is expanding in this respect. conclusion with this i come to the conclusion of my short speech. finally i would say that the euro will definitely grow to dominate trade outside the euro area. the euro area will harmonize further its labor, tax and financial services laws, i. e. will become more competitive in attracting investments, which will help the euro to become the currency of international investments. i expect the euro to become the currency of international trade and investments in ten years. if we add to that tourism, the euro will surpass the us dollar, as the first currency in the world by 2015. thank you.