Our future work on this second pillar will involve further public engagement and will continue into at least 2021. We will, of course, continue to take our annual decision on the calibration of the measures over the coming years. Third, and finally, as I said a fortnight ago, it is important for our macroprudential framework to reflect developments in the non-bank sector.
Work in this area is much less advanced at an international level. But the nature of finance is changing and we need to keep up. To start with, I have asked my colleagues in the Bank to build on recent work and conduct a deep dive on property funds and assess the resilience of this growing form of market-based finance to the domestic economy.