Furthermore, the Governing Council decided, in line with its decision on the 12-month LTRO of 16 December 2009, to fix the rate in the six-month LTRO to be allotted on 31 March 2010 at the average minimum bid rate of the MROs over the life of this operation.
For businesses and households, confidence collapsed.15 Government and state-owned enterprises became smothered in debt and ran short of expertise – because state capture had prompted the departure of many skilled staff – the overall result was a sharp fall in investment. 14  SARB economists have also written on this explanation for low growth.