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.
This is higher than the figure in the Statement because the impact of Cyclone Yasi could not be included in that forecast. The combined contributions to this outcome of all the summer flooding and the cyclone add up to about half a percentage point or a little more.