Before the pandemic, the countercyclical capital buffer in the euro area accounted for only 0.2% of the capital stock. See also De Guindos, L. (2019) "  3/4  BIS - Central bankers' speeches  3. Macroprudential policy after the COVID-19 pandemic", panel contribution at the Banque de France / Sciences Po Financial Stability Review Conference "Is macroprudential policy resilient to the pandemic?
We are now implementing the second phase of the cleanup process as an aftermath of the approval of the twoyear extension of the SPV Law in May 2006. To date, asset disposition under SPV II has reached 31 billion, involving the sale/transfer of NPAs to SPVs.