Our first and primary concern was to maintain the availability of credit for households and companies at accessible rates. The new fixed rate full allotment tender procedure was designed to ensure the effectiveness of monetary policy transmission at a time when borrowing through interbank transactions had become abnormally elevated for many financial institutions.
Since autumn of last year we have stood ready to remedy any shortage of liquidity that might occur in our refinancing operations. 2. The second building block of our new liquidity management approach is the list of assets that we take as collateral. This list was already very long before the crisis.