For a short time, an overly ample provision of central bank liquidity to the banking sector is not incompatible with our mandate to maintain purchasing power. We can adjust the interest rate for these operations at any time. And excessive liquidity is automatically returned: banks demand less liquidity as soon as the monetary transmission mechanism improves. This process is in full swing.
The threeyear longer-term refinancing operations that I referred to before will expire at the beginning of 2015. Many banks have, however, already repaid the funds they had borrowed. So the design of our non-standard measures is such that a special withdrawal strategy is not required.