The purchase of a home can be a transforming experience for individuals and families. However, it takes more than a down payment to put people on the path that leads to ownership. Borrowers must be able to sustain their loans over the long term. Part of sustaining a loan is picking the right loan.
We announced two long-term refinancing operations, which for the first time will last three years. We halved the minimum reserve ratio from 2 per cent to 1 per cent. We broadened collateral eligibility rules. Finally, the ECB governing council agreed that the ECB would act as an agent for the European Financial Stability Facility (EFSF).