Moreover, the progressive implementation of new financial
regulations (Basel III, EMIR, CRD4, Bank Restructuring Resolution
Directive, Dodd Frank Act, Volcker Rules, etc.) will have an impact
on the business model of banks (for example, the split between
investment banking and commercial banking activities) and on
the capital structure and cost of such banks’ activities in relation
to over-the-counter derivatives, and therefore on the funding
consequences of central clearing and collateralisation of overthe-counter derivatives for corporations like the Company.