Conclusion To conclude, I want to emphasize that the Bank will continue to look at ways to build on the progress we have made in increasing the openness and transparency of monetary policy. Communications will play an increasingly vital and strategic role in helping achieve this further progress. It is a role that we at the Bank are extremely serious about.
Though issuers have to cope with higher competition for the favour of investors, from the perspective of the Bundesbank the Pfandbrief is well positioned for the future. Thank you very much. BIS central bankers’ speeches  3