The share of securities classified in the portfolio valued at amortized cost, whose temporary changes in value do not affect capital, rose from 18 to 49 per cent on average between the end of 2017 and November 2018; it reached 61 per cent for the less significant banks. This increase helps attenuate the impact of fluctuations in the value of government bonds.
The decrease from 4.2 to 3.6 years in the residual maturity of the securities classified in fair-valued portfolios goes in the same direction.