We expect the most significant effect to come from the TLTROs. This is also why we again cut interest rates. There had been rumors that banks might not come to the first TLTROs because they were speculating that interest rates could be cut later. This is now off the table.
Does that also mean the smaller the TLTROs uptake, the bigger the purchase programs will be? This is not necessarily the case. But again: We believe that this new facility is very attractive. So banks are well advised not to miss this opportunity. And if everything else fails the ECB will start buying government bonds?