A demonstration by the applicant for an exemption of the development of its earnings and liquidity during the previous three years on the basis of its key business indicators (e.g. its EBIT margin, return on equity, equity and debt ratio, liquidity and debt ratio) and an explanation of the effects of the price freeze on these indicators;

The need for emergency liquidity assistance from a central bank should not, per se, be a condition that sufficiently demonstrates that an entity is, or is likely in the near future to be, unable to pay its liabilities as they fall due.

it shall mitigate the corresponding liquidity risks with qualifying liquid resources in each currency such as cash at the central bank of issue and at other creditworthy financial institutions, committed lines of credit or similar arrangements and highly liquid collateral or investments that are readily available and convertible into cash with prearranged and highly reliable funding arrangements, even in extreme but plausible market conditions and it shall identify, measure and monitor its liquidity risk stemming from the various financial institutions used for the management of its liquidity risks;

This, together with the considerable amount of cash it receives, will result in a Tier-1 capital ratio of over [48-53] % at the time of the split-up, decreasing to around [16-21] % in 2013 as BankCo will have increased its lending by using the large amount of cash received and by raising new funding.

In order to demonstrate that the funds collected are substantially stable over time, Italy points out that the standard deviation divided by the average of the deposit balances, which is a measure of the volatility of the deposit with the Treasury, diminished from 8 % in 2002 to 5 % in 2005; that the weight in average total deposits of the stable component in the deposits, which Italy defines for any one year as the minimum amount of deposits in that year, rose over the same period from 83,8 % to 89,5 %; and that the weight in average total deposits of the volatile component, defined as the difference between the average deposits and t ...[+++]he minimum deposits in the particular year, fell over the same period from 16,2 % to 10,5 %.

It adjoins strategically important parts of the Middle East: it flanks the Red Sea waterway, which is crucial for EU trade and supplies, particularly energy; it is a neighbour of Saudi Arabia, the world’s largest oil producer ; it straddles the Nile basin, which is of central importance to Egypt (whose stability in turn is an important element of Mediterranean and Middle East stability); and it is in close proximity to countries covered by the EU Neighbourhood policy, both in North Africa and the Near East..