everyone in the euro area should be able to have confidence that the money in their bank account enjoys the same level of protection, regardless of where the account is held within the euro area. conclusion let me conclude. we pay close attention to the european parliament ’ s resolution on our annual report. and we will respond in detail to the issues you raise there when we publish our ecb annual report for 2017. the strong relationship between the ecb and the parliament not only demonstrates the importance of accountability, but it also bears possible lessons for the reflection on the future of emu whose strengthening should remain a priority. a well - designed and effective policy framework requires a clear institutional architecture, measurable objectives and the tools to achieve them. and it needs to be accompanied by strong accountability. this is essential not only to ensure that policies are effective. it is also crucial if the public is to understand those policies and play an active role, in particular via their 4 / 5 bis central bankers'speeches representatives in parliament. thank you for your attention. i am at your disposal for questions. 1 the difference between interest rates for loans to non - financial corporations of above and below €1 million also continued to decline, indicating easier access to finance for smes, in particular in the countries that were most affected by the financial crisis. 2 the publication is accessible on the ecb ’ s website at : www. ecb. europa. eu / pub / fsr / html / index. en. html 5 / 5 bis central bankers'speeches

regulations are framed taking into account the practices in industry as a whole, not by the practices of outliers. most nbfcs have migrated to other forms of resource mobilisation. as per data available with us, only 5 deposit taking nbfcs may have to bring down their deposit level. all other 236 deposit accepting nbfcs are already within the revised deposit acceptance threshold. bis central bankers ’ speeches way ahead 33. the above revised regulatory framework is the first step towards a vibrant professionally managed and healthy nbfc sector. much needs to be done and there is work already in progress. these include migration to an activity based rather than entity based regulation, comprehensive review of regulations placed on the nbfc - mfis in the light of the significant progress made by them post the ap crisis, a formal institutional framework for grievance redress for the customers of the nbfcs and bringing the government owned nbfcs within the regulatory jurisdiction of the bank. there are also several amendments to the rbi act, 1934, that need to be taken up with the government in right earnest. 34. another issue that need to be tackled is resource raising by nbfcs. today debentures and bank finance are the two main sources of funds for reporting nbfcs. the bank had in the past observed an unhealthy and sudden spurt in debenture issuances under the private placement route. on - site inspections of the companies also showed that the debentures were accepted on tap, the subscription amounts as low as in double digits, passbooks and internal circulars of companies using the nomenclature of deposits, loans being extended against the amounts received, debentures being issued to walk - in customers, besides other features reflecting that the debentures were in effect surrogate deposits. as nbfcs are to be accepting only wholesale funds, the bank took action to prevent retail participation by stipulating the minimum subscription amounts, the maximum number of subscribers per issue, and preventing nbfcs from lending against the security of their own debentures. this while curbing the undesirable practices, has constrained the resource raising ability of nbfcs. with the revisions in the companies act on private placements, the bank is in the process of aligning largely the bank ’ s debenture regulations with that of the companies act 2013. challenges for the regulator 35. the challenges faced by the regulator are many. first, there is a