The purchase programme started last week and will be conducted gradually, stretching well into next year. We are already seeing a number of new issuances of covered bonds and a degree of compression in the spreads in this important segment, which might have an influence also on other financial markets.
V.  Monetary and fiscal assignments  This brings me to the last point in my speech. The ECB’s enhanced credit support measures are designed in full respect of the euro area macroeconomic framework. Financial support measures potentially involving the significant transfer of credit risk from financial institutions to the taxpayer clearly fall within the realm of fiscal policy.