Turning to the impact of our measures on financial markets and the real economy at large, there are some clear signs that the measures are having positive effects.
In particular, the spreads between unsecured term interest rates and overnight interest rate swaps in the money market have declined significantly since last autumn and are now back at levels last seen before the bankruptcy of Lehman Brothers. Related to that, and in conjunction with policy rate cuts, interest rates on loans to households and firms have declined substantially.