 that there are plenty of people in it but I'm going to leave people yes Mr. Signorini of course and then two others. My country was mentioned again a couple of times I think during the San Federico Signorini Bank of Italy so I felt a need to intervene in this discussion and I want to say a couple of things first of all just to put things in perspective NPLs in Italy are coming down pretty rapidly the in terms of flows they're peaked at the end of 2014 in terms of stock that they've peaked at the beginning of 2016 and during the 2016 and more intensely in this year there has been a clear trend at clear downward stand I think that Andrea mentioned that in the previous panel. Why is that happening? Well it's I would say 50% because of the strong improvement in the in the in the economic situation so that flows of new bad loans back to the level of before the crisis and the other 50% is because of disposals and there have been that there are being a number of high-profile disposals everybody knows about them because they are in the press but there is also a number of smaller disposals that are also important so a market exists and it's starting to work properly but I would say that the first 50% is more important because it's a completely broad based and it's in a way structurally more important that's the first point second point if I may make a reference to the previous panel at some point that there was a in the resolution of banks there was a I think that Professor Beck mentioned it that the the one difference between the the the Spanish popular case and the Italian Banque Veneta case was that well in the Italian case that the the letter of the spirit of the law had not be preserved exactly where I have to I have to to frankly no I mean in terms of the letter the letter of the law was was respected exactly and I think that the the European authorities especially DG comp which is no softy on non-state-aid rules in a soy to this soy to that that the law was exactly respected whether the law is wise or not whether it should have been entailed a transition period with which I think Professor Beck also suggested and in that I entirely agree with him at the DD it might have been sensible to in a way have a have a kind of path to a new state to a new steady state but the the the law is it is a good or bad I'm not questioning that was exactly applied the spirit the spirit is very much in the higher than the other beholder but let me say that if the spirit of the new the new European system is to limit the the taxpayer involvement in banking crisis I have to say that if you look at the various countries in Europe there countries of countries who have put zillions of euros into into their banking systems and countries that have put a very limited amount of money and in Italy the second camp and I would say that the Italian taxpayers in practice has paid more significantly more I think for the state intervention under European countries given the the the various schemes of the mutualization then for for Italian banks themselves which leads me to my third point which was which is the is I mean at some point I think it was mentioned that one important difference in the management of non-performing loans in Italy and the other two countries that are represented in that panel is that there was a there was a AMC was an important element and I don't deny that AMC is an important element but let me say that there is also an important difference in that in terms of again public money that was put into the into the various system almost nothing in Italy and tens of billions in other countries so that that's a different that's important difference and why is that I mean early recognition early intervention it might be but let me let me point out that this is a this is a difficult discussion and I don't have the of course that they would abuse using my my my microphone if I enter into that but let me say that there was difference in timing not just timing of recognition timing of emergence of the issue in one case as I think Mr. Romano Garcia said the the the time the the the the emergence of the the issue in where the the issue of NPLs or the problem but problems in banking was an issue of financial losses like in in some some other countries that that happened immediately after the big financial crisis when it was like in Ireland and Spain mainly an issue of real estate losses it also emerged not not it was not just an issue of recognition it emerged before in Italy the issue of bad loans emerged after the double blow of a recession that was the worst recession on record the worst even that the Great Depression in 30s so I mean it there was a some some lack of luck in in timing which also but but we can discuss that I mean the the issue of recognize the issue of timing is extremely important but it's still it's still an issue of it's it's also still an issue of the timing when the problem arose on the more general items and general issues let me say that I concur entirely with the way John fell put the problem at the it's an important problem it has to be tackled needs to be tackled seriously speedily but there are pros and cons to speed so that optimal speed and not necessarily top speed so it's it has to be taken and faced very carefully with the variety of instruments and I think that the panel was agreed on that and I also concur with a variety of instruments and the reason is that the reason that this is very serious and has to be tackled very effectively is not just or not mainly my view the fact that the existence of bad loans in pairs the lending capacity of banks which is at least dubious in the light of the of the of the of the evidence but the fact that we are now in a good period we are now in a recovery the good cycle is going on but will not go on forever so hopefully not next year not in not in two years not in five years but at some point that the another recession will set in and at that point it will be better be prepared thank you very much okay thank you for those remarks I'm being everyone over here is telling me that I must stop I'm sorry for those of you who wanted to raise credit but the panel will be here all day and there will be an opportunity to post questions I think you had a nice summary at the end of Luigi about what were about the work that we're we're going into now so it's 12 o'clock exactly I did the job I was at