After taking a number of additional measures in the course of the following year, the ECB again responded swiftly to the intensification of the crisis in October 2008, by announcing further exceptional measures. Similarly, the rapid and pronounced cuts in interest rates after October 2008 represented a timely response to the occurrence of large contractionary shocks.
The most important of these was the establishment of the FSC, with responsibility for the supervision of non deposit takers. The FSC is in the process of recruiting staff and setting up systems, and Central Bank is lending its expertise wherever we can be helpful. This morning you will hear more about its activities from the FSC themselves.