The banking industry of the Republic of Kazakhstan experienced a pronounced boom and bust cycle over 2000s decade. After several years of rapid expansion in the mid-2000s, the banking industry collapsed in 2008. Several large banking groups, including BTA Bank J.S.C. and Alliance Bank, defaulted soon after. Since then, the industry has shrunk and been restructured, with system-wide loans dropping to 39% of GDP in 2011 from 59% in 2007. Although the Russian and Kazakhstani banking systems share several common features, there are also some fundamental differences. Banks in Kazakhstan have experienced a lengthy period of political stability and economic growth. Together with a rational approach to banking and finance policy, this has helped push Kazakhstan's banking system to a higher level of development. Banking technology and personnel qualifications alike are stronger in Kazakhstan than in Russia. On the negative side, past stability in Kazakhstan arose from the concentration of virtually all political power in the hands of a single individual – the key factor in any assessment of system or country risk. The potential is there for serious disturbances if and when authority passes into new hands.