As for non-bank finance, the phased introduction of macroprudential measures for Irish property funds last year, including a leverage limit and liquidity Guidance, was a key milestone in our attempts to broaden the macroprudential toolkit to address sources of systemic risk in this segment of the financial system.
Up to now, the policy rate is kept at this level. We also reduced the reserve requirement ratio (RRR) to increase loanable funds. We incentivized lending to MSMEs—a sector hit hard by the pandemic—by treating new loans to them as compliance with the reserve requirement.