The policy adjustment in February  At the February MPM, the decision to raise the policy interest rate was taken after reviewing the economy and prices and assessing them from our two complementary perspectives, as I have described.
The study of the BCBS shows that the shortfall of liquid assets to meet the NSFR is around EUR 2.9 trillion for the worldwide banking sector [this figure does not include the surplus of banks that meet the NSFR]. This headline figure can not be simply totalled with the shortfall of the LCR that I mentioned before.