Second, it was decided to organise again all Eurosystem liquidity providing operations as fixed-rate full allotment tenders, which allows banks to obtain all liquidity they need at a fixed rate, of course against the pledge of appropriate collateral. Finally, banks could again obtain US dollar liquidity through a swap line with the US Federal Reserve.
The substantial progress these firms have made in meeting their required capital buffers, and their success in raising private capital, suggests that investors are gaining greater confidence in the banking system. Fiscal policy in the current economic and financial environment Let me now turn to fiscal matters.