By expanding the list of eligible collateral, we ensured that banks could refinance that large proportion of their assets that had become less liquid in the crisis. In addition, we provided liquidity in foreign currencies to banks by means of swap arrangements with the Federal Reserve and other central banks.
Finally, we decided to purchase of € billion of covered bank bonds in order to revive this market segment, which is important in Europe. The fact that our operational framework was very flexible from the start has been a considerable asset. Unconventional measures did not require modifications to the same extent as elsewhere and this flexibility enabled us to react very quickly.