I would emphasise that the Governing Council does not pre-commit unconditionally to any future action. Our approach is to consider the most up-to-date information and analysis of the economic and monetary situation and prospects and to act accordingly.
Over the period, we have recapitalised the banks and implemented several regulatory reforms to underpin the stability and soundness of the banking sector. We now have a well-capitalized, liquid, solvent and resilient banking sector to effectively execute its core mandate of financial intermediation within a stable economic environment.