2/4  BIS central bankers' speeches  The asset purchases and TLTRO also strengthen the effectiveness of the other measures in our toolbox, including the negative interest rate policy, which you asked me to discuss today.
We have clear evidence that cutting the deposit facility rate below zero percent has provided additional economic stimulus as it has fed into lower lending rates, thereby helping to improve overall financing conditions for firms and households. Of course, despite these positive effects, negative interest rates have often been criticised because of their potential adverse side effects.