7/8  BIS central bankers' speeches  As well as exchange rate risk, credit risk arising from refinancing operations and default risk generated by central bank asset purchases, which are already factored into our risk provisions, we now also face interest rate risk. At last year’s press conference presenting the balance sheet, I already indicated that we would need to address this issue.
2015  ECB introduces the expanded Asset Purchase Programme (APP) and cuts the deposit facility rate to -0.30%. 2016  ECB accelerates the expanded Asset Purchase Programme (APP) and cuts the Main Refinancing Operations (MRO) rate to 0.00% and the deposit facility rate to -0.40%.