The FSC began working last year on a series of measures intended to ensure safe and sound operations of card issuers, and to protect the interests of cardholders. We have been formulating regulations, and got the 12 principal card issuers to agree to cut interest rates by at least 1.25 percentage points for credit and cash cardholders who have been making their payments on time and have a clean credit record. The ultimate goal is to achieve a gradual reduction of interest rates. In addition, the FSC has held two public hearings for the "Regulations Governing Institutions Engaging in Credit Card Business." We are considering provisions that would: (1) strengthen issuers’ management of credit check and marketing procedures; (2) lead credit cards into its nature as a payment facility; (3) prohibit any individual''s total unsecured debts from exceeding 22 times of his or her monthly salary, which the FSC has been urging for a few years already; (4) prohibit issuers from marketing the function of cash advance of credit cards ; and (5) require that card issuers strictly classify cardholders by their risk level. The purpose of each of these prospective provisions is to gradually de-emphasize the idea that credit cards are financing instruments, and to get back to the traditional view that they are payment facilities. In the process, the FSC hopes to prod card issuers to consider reducing the operating and risk overheads inherent in their interest rate structures. The FSC will continue urging financial institutions to run their credit and cash card businesses in a proper manner, and will also encourage the general public to develop a proper understanding of consumption and borrowing, so as to ensure the healthy development of our financial markets.