1  Although the Federal Reserve supervises entities with a range of legal forms, including depository institutions and holding companies, for the purposes of my remarks today, “financial institutions,” “firms,” “banks,” and “banking organizations” are used interchangeably unless indicated otherwise. BIS central bankers’ speeches  1  Large financial institutions, of course, were not alone in failing to see these risks.
We intend to continue reinvesting, in full, the principal payments from maturing securities purchased under the APP for an extended period of time past the date when we start raising the key ECB interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation.