27. Highlights the example of the sub-delegation to councils in the Netherlands, which includes parts of funding programmes (e.g. ERDF) being delegated from the regional authority to local authorities, with actions implemented at local level to address local needs; stresses that allocating management responsibility to local authorities gives greater potential to integrate the best combination of funds tailored to local needs; emphasises that, with the management structures already in place at local level, this approach could benefit the delivery of ITIs at local or sub-local level;

If you'll turn to slide two, that will give you that bottom part of the distribution.

At the top end of the distribution, we had more than 1,000 households with a reported income of $3.7 million.

Now, we're interested in poverty, so let's take a closer look at the very bottom of the income distribution.

2. The best estimate shall be equal to the probability-weighted average of future cash-flows, taking account of the time value of money (expected present value of future cash-flows), using the relevant risk-free interest rate term structure.

N( ) denotes the cumulative distribution function for a standard normal random variable (i.e. the probability that a normal random variable with mean zero and variance of one is less than or equal to x). denotes the inverse cumulative distribution function for a standard normal random variable (i.e. the value x such that = z).