And allow me, as a representative of the German central bank, to add that the stability of the D-Mark, which was the most important currency of issue for Pfandbriefe up to the introduction of the euro, contributed more and more to attracting international investors to the Pfandbrief product.
Like German government bonds up to the end of last year, the Pfandbrief, too, enjoyed the competitive advantage of having a strong domestic currency. Now, nine months after the start of monetary union, it can be stated that both products, Pfandbriefe and German Federal bonds, have successfully made the transition to the age of the euro.