The bulk of this impact can be attributed to rate policy, with a less material, though non-negligible contribution stemming from the reduction in the APP portfolio. See ECB (2023), "A model-based assessment of the macroeconomic impact of the ECB's monetary policy tightening since December 2021", Economic Bulletin, Issue 3. 4 ECB Annual Report 2022. 5 ibid.
6 BIS (2023), Basel Committee to review recent market developments, advances work  on climate-related financial risks, and reviews Basel Core Principles, press release, 23 March. 7 Financial Stability Board (2023), FSB to consider lessons learned from recent banking-  sector turmoil, press release, 12 April. 8 Basel Committee on Banking Supervision (2022), Prudential treatment of crypto-asset  exposures, BIS, 16 December.