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Good morning ladies and gentlemen. Well I have told today's presentation swiftly adapting to the changing environment. In fact over the next half hour, I would like to talk to you about, first the way BNP Paribas has adapted through swift and resolute actions to the turbulence seen in the second part of 2011. Secondly, the resilient performance shown by our different business lines leveraging on our traditional strengths such as profitability and risk management and lastly what we are working on for 2012.
Changing world, so starting with the first part. In Q3 and Q4 we were faced with a concentration of factors of uncertainty. These can be summed up as first, the sovereign debt crisis especially on peripheral eurozone countries. Second, tension on liquidity and funding especially in US dollars and third, solvency requirements that were suddenly increased and brought forward by the EBA. BNP Paribas responded to these challenges by immediately implementing a series of specific actions.
On sovereign debt, first of all Greece. We led negotiations on the PSI and increased the level of provisions to 75% by year end 2011. Following the exchange of (Inaudible), the 1 billion you see as residual exposure today has actually been reduced by €0.6 billion, corresponding to the amount of [EFSI] bonds received.
In terms of the global sovereign portfolio, the anticipation of mark-to-market rules meant that the volatility on certain country’s debt could potentially impact our solvency ratios. With that fall, downside of the overall portfolio as you can see on the graph, both in the eurozone and in the rest of the world by 29% in six months.