First, underwriters sold some of the risk to off-balance-sheet vehicles, but they also provided explicit or implicit liquidity backstops to the vehicles. Much of this risk came back onto banks' balance sheets when liquidity pressures emerged in the second half of last year.
As you can see, there are various open points that we have to discuss in depth in our review. For me, it is important that we have a strategy which doesn’t just produce good results in economic models but also works in practice. 4.3 Measuring inflation The measurement of inﬂation is also up for discussion in the strategic review.