4 All that being said, for the purpose of the policy recommendations that I will make today, I will stipulate that GSE portfolios may serve to enhance liquidity and reduce costs in the mortgage market in some circumstances.
They have notably freed up balance sheet capacity, enabling banks to step up their lending to firms with limited access to bond-based financing. Moreover, our measures have increased the share of non-bank financing sources in the funding of euro area companies, particularly through the corporate sector purchase programme. This programme has encouraged corporate issuance volumes and contributed to lowering corporate bond yields.