Turning to the corporate sector, although slowdowns in overseas economies have pushed down exports and production, the levels of sales and profits have been high on the whole with the impact of COVID-19 and supply-side constraints waning.
But if an institution has a large reliance on this source of funding, it won’t be able to change that reliance overnight on the 31st December 2014. Just like supertankers, funding structures take a long time to change direction, and that change of course needs to be occurring around now.