We believe these moves, in tandem with extensive and comprehensive communication of our policy intent to key stakeholders, helped to shore up confidence in the financial markets during that critical period. That relative stability exhibited by the financial markets then was critical in cementing the environment that allowed the economy to post a within-trend GDP growth and single digit inflation in 2008.
To illustrate the subjective character of the current incurred loss model, I can draw from our experience at the Dutch Central Bank. We are currently executing a so-called Asset Quality Review. In this review we’re also evaluating the processes that lead to adequate levels of loan loss provisioning.