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"The global financial environment has changed rapidly since we entered discussions with the CII over a year ago. This turmoil has affected financial services worldwide and it is likely that the current recession will continue for some time. It is the opinion of both organisations that progressing with the significant work required to initiate a merger in current market conditions would distract from serving the needs of our members and clients in the industry." stated Joan Fitzpatrick in a release issued earlier today.
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