It is important to recall that, in the current context, any policy action needs to strike a delicate balance between the goal of speeding up the resolution of the NPL problem and the goal of preserving financial stability.
Let me give you some examples. One recent example of our contingency planning is the establishment of special liquidity arrangements for borrowing by depository institutions. As lender of last resort, the Federal Reserve always is ready to provide short-term loans to banks and thrifts that experience temporary liquidity needs.