BIS Review 119/2007  1  But following recent events, a reduction in securitization globally is now likely, along with a degree of re-intermediation by financial institutions.
Since October of last year we have cut our key policy rate by a total of 325 basis points. It now stands at 1%, a historical low not only for the ECB but also for the national central banks that were its predecessors. Money market yields at longer than overnight maturity have fallen even more strongly than the policy rate.