the basement slab, the foundation stone is scheduled to be laid. ( frau roth – we hope you will have some space for us in your diary? ) at the same time, the renovation of the großmarkthalle will get under way. if all goes as planned, we expect the building work to last around three years, with the building complex being finalised by the end of 2011. i would like to finish my introductory remarks by expressing my gratitude to the various authorities involved in this project. in particular, i would like to thank frau roth and all the staff of the frankfurt city planning department for their commitment and efficient collaboration in this project, especially during the application process for this building permit. i can only agree with what was mentioned a moment ago : that the guidelines we received were precise and timely and the communication with the relevant authorities was very well organised. the speed with which our application was handled is further testimony to the excellent collaboration between our new ecb premises project team and the city authorities. i thank you for your attention and am now at your disposal for questions.

secondary market and so has pricing of icelandic banks ’ cdss. the banks have also tapped international credit markets on favourable terms recently and have more than met their capital requirement so far this year. their market position has therefore definitely improved again, which must be welcomed. the banks have vigorously expanded in other countries in recent years. most indications are that their foreign investments have been successful, in the central bank of iceland ’ s view. their subsidiaries are sound financial companies subject to stringent supervision in their home countries, just like the parent companies in iceland. likewise, these companies operate in stable economies where the outlook is bright. at the end of 2005, two - thirds of the banks ’ consolidated lending was to foreign borrowers. in effect, therefore, overseas expansion has strengthened the banks ’ foundations. they are no longer so much at the mercy of economic fluctuations in iceland or any other country. on the contrary, their risks are dispersed. pension funds i shall now turn to the matters in which you are most directly involved, the position of pension funds in iceland. their position is remarkable in all respects, especially by international comparison. most or all other industrial countries have rapidly ageing populations and face growing and serious fiscal concerns about future pension fund arrangements. since their pension schemes are largely funded by taxation, a sharp rise in contributions is foreseeable over the next few decades. the reasons are large year - classes approaching retirement age, increased longevity and a lower birth rate. conditions are quite different in iceland, where age distribution is changing more slowly than in most countries with similar economies. iceland ’ s retirement pension system is based on all working persons saving a proportion of their wages in a fund which is then used to pay their pension. taxes therefore does not need to be raised even if there is a proportional rise in the number of pensioners. in addition to pension funds, some pensions are paid through the national insurance benefit system and there are also voluntary supplementary pension savings schemes. iceland ’ s pension system thereby fulfils what has been considered international best practice in this field [ the three - pillar system ]. total assets of icelandic pension funds were equivalent to 120 % of gdp at the end of 2005. no other pension system in the world is on such a strong footing. at the end of 2004, when total assets of icelandic pension funds corresponded to more than 100 % of gdp, the figure for the netherlands was just over 100 % and for the us 80 - 90 %. in the overwhelming number of industrial countries