Third, a further extension of the range of maturities at which liquidity is made available to banks in our refinancing operations. The longest maturity is now one year. 4. Fourth, provision of liquidity in foreign currencies, notably US dollars. 5. Fifth and finally, a direct covered bank bond purchase programme aimed at reviving a segment of the financial market that is important in Europe.
BIS Review 125/2009  5  Let me emphasise only a few selective aspects of this policy. First, our primary mission is to preserve price stability. It implies that the transmission of monetary policy impulses is functioning correctly and that the money market is not disrupted. In this new unexpected situation we had to tackle the paralysis of inter-bank transactions in the money market.