Moreover, same-day settlement has sharply reduced the used the intraday credit / repo, because it obliged participants to use their own liquid funds rather than rely on central bank intraday credit (which was actually overnight credit).
Recent survey information indicates that, following two quarters of very negative growth, economic activity over the remainder of this year is expected to decline at much less negative rates. After a stabilisation phase, positive quarterly growth rates are expected by mid-2010. This assessment incorporates adverse lagged effects, such as a further deterioration in labour markets, which are likely to materialise over the coming months.