This brings me to the last example of Eurosystem activities that I would like to highlight today, namely the Eurosystem’s support, together with that of the European Commission, for the banking industry’s initiative to create the Single Euro Payments Area (SEPA).
To do this, we will reinvest the proceeds of maturing bonds. In general, our purchases during this period will not match the maturities rolling off one-for-one because the maturities are large and unevenly spaced. We will therefore adjust our purchases to match maturities over a longer period, so our purchases are not unduly volatile. We report our balance sheet monthly.