The SAA for the various tranches is meant to ensure that the tranches maintain sufficient liquidity while maximizing returns, subject to a low probability of capital loss over a given investment horizon.
This is, of course, what is needed in demanding times. We all work very long hours on normal working days and also many hours on Saturdays and Sundays. I will have holidays in the summer. But there is, of course, permanent availability to work even on holiday. Question: What has been your most difficult moment as President of the ECB?