Obviously, the Governing Council spent a lot of time discussing the current status of the pandemic and its impact on our economy. Simply put, things really depend on how the pandemic evolves. We are basing our outlook on some particular assumptions about the virus. We assume authorities won’t need to reinstate the sort of extensive and widespread containment measures we saw in the spring.
They also act as market makers for various financial sector products. With the gradual widening and deepening of our financial markets, it would be fair to expect our banks to also gradually shift their focus to SME and retail clients while leaving the long-term resource contribution to other players including pension funds/ insurance companies which have longduration liabilities on their balance sheets. 16.