12 Further, the new framework introduced two perspectives on examining economic activity and prices; the first perspective is examining, as regards economic activity and prices one to two years in the future, whether the outlook deemed most likely by the Bank follows a path of sustainable growth under price stability. In the second perspective, we identify the potential risks beyond the forecast period.
not applied retroactively to securities issued under a different regulatory regime) that contain a specific clause in the contract recognising the power of the authorities to write down or convert the securities if the conditions for starting a resolution procedure were met.