Let me conclude with some additional information on the end of QE and the shift to reinvestment. Following the announcement of our decision this morning, we issued a market notice outlining in detail the changes to our market operations. Because bond maturities are lumpy, we are moving to a monthly rather than a weekly target range for our purchases.
Possible paths to be explored might include: the establishment of special insolvency proceedings, with recourse to administrative options, attributing some of the instruments currently envisaged in the BRRD for banks in resolution to a liquidating authority, as an alternative to the ‘atomistic’ court-led liquidation regime. (The liquidating authority and the funding sources available would need to be identified.)