For us, that means that we use the data provided by BaFin to assess the stability of the financial system as a whole from a macroprudential view. BaFin, in turn, uses our data and insights to effectively supervise insurers and thus ensure that they can honour their contracts on a long-term basis.
As I mentioned earlier, the insights gained also feed into the consultations of the Financial Stability Committee. Hufeld: There are many ways in which the Bundesbank’s macroeconomic and macroprudential expertise will be valuable to us. Take the issue of the current low-interest rate phase. The Bundesbank analyses and evaluates the information that we provide.