The final text provides for a stronger framework than initially proposed by the Commission. And this is largely thanks to Parliament. Once again this committee has used its powers to instil a more European and supranational approach in economic governance, which is incidentally very much in line with the ECB position, and I would like to thank you for that.
In the case of our official reserves, where the main objectives are safety and liquidity, the Strategic Asset Allocation emphasizes money market instruments (including deposits), short to medium term government securities of G-7 countries and other investment grade securities. I am not in a position to say what the Strategic Asset Allocation for the HSF will look like. That’s a decision for the Board.