We also offered swaps between fixed and variable interest rate instruments to set a reference for the term structure of nominal interest rates for longer periods than are currently traded on the market.
On the domestic side, there are uncertainties surrounding the evolution of consumption, while the very favourable financing conditions and the recovery in corporate earnings could lead to higher investment growth than currently projected. Turning to consumer prices, annual HICP inflation declined quite substantially in January 2005, falling to 1.9% from 2.4% in December 2004.