As a reminder, last October, the NBS began a cycle of increasing the effective repo rate – the interest rate at which we have implemented repo transactions for years, making the best use of the flexibility of our monetary framework. From October until today, the effective repo rate was increased from 0.11%, as it was then, to 0.79%, where it stands today.
The success of this initiative will largely depend on the number of on-site supervisors the national authorities are willing to send. We have established a rotation scheme for members of our Joint Supervisory Teams. This too will help to spread a common culture. At the same time, it helps to avoid supervisory capture. We foster exchange between supervisors from across the euro area.