For the Pfandbrief market, it was crucial in connection with the decisions on the monetary policy instruments that Pfandbriefe were included in the list of tier-one assets and were thus treated “neutrally” in monetary policy terms relative to government bonds. This status has certainly benefited the competitive position of the Pfandbriefe by increasing its liquidity.
And our relative position in those league tables looks much worse than it did a decade ago. It is worth highlighting a few numbers. Financial assets and liabilities are easier than most to get a good fix on.