These purchases have had the desired effect, lowering yields and they eased the market dislocation at the time. In the past week or so, we have again purchased bonds, buying around $ billion. We have done this following a few weeks in which the yield on three-year bonds had been trading consistently a little above 25 basis points.
In terms of volume of e-rediscounting loans (as of 31 May 2007), we are pleased to report that loans released by the BSP Head Office in Manila already amounted to P10.6 billion. In addition, the BSP Regional Offices had released some P700.5 million e-rediscounting loans during the period.