Ratings thus provide information which helps markets to impose discipline on the owners and managers of financial institutions, and this market discipline serves as a useful complement to internal discipline and the discipline imposed by the supervisory and regulatory authorities.
We have also successfully tested our capacity to carry out reverse repo transactions and are expanding the group of counterparties with which these transactions can be carried out. We have also been working on the development of a term deposit facility. These analytic and practical steps are obviously taking place in preparation for a change in monetary policy.