For example, we may not know precisely where the effective lower bound lies, but we know that there is one. Exempting a portion of excess reserves from negative rates, or rewarding lending activities at rates below our main policy rate, have been effective instruments in stretching our boundaries. But these instruments will ultimately also face constraints.
And this is exactly where our comprehensive assessment plays a key role. Although we are still in the middle of the process, we are already seeing some positive results. In the last few months, many banks have been tidying up their books in preparation for our review. And this is clearly reaping rewards.