We have preserved its relative stability in the year so far as well. 1/5  BIS - Central bankers' speeches  At end-February, the country's FX reserves hit their record high of EUR 21.2 bn. Last year, the National Bank bought EUR 1 bn net in the interbank FX market. Since the start of this year, we have bought additional EUR 435 mn net.
With a normalisation in financial markets the demand for excess liquidity is dropping, so that the withdrawal of non-standard measures can proceed. As a result the EONIA will ultimately return to levels around the main refinancing rate. Hence, the separation principle will be fully re-established. The monetary policy of the ECB is firmly grounded in this set of principles.