And over the same period Ireland has had an average growth rate of around 7%, by far the highest in Europe. A government that pursues a sound fiscal policy will ultimately be rewarded. A government that does not do so will ultimately be punished.
The RBA had already been expanding its liquidity provision prior to this Board meeting to address the growing dislocation in financial markets the modification of the interest rate corridor system, with the rate paid on Exchange Settlement (ES) balances set at 10 basis points.