A key general point that I would like to leave you with is that making decisions about macroprudential settings has not been straightforward or easy in any sense. We have reviewed our LVR settings on average every six months over this period.
Central banks, as public institutions, are accountable to the citizens they serve and must lead by example: In normal times, the core functions of a central bank include conducting repurchase operations to implement monetary policy and the investment of public money. In order to do this prudently, a framework must be in place to assess and mitigate the associated risks.