In addition, the Governing Council has decided to apply, as of 1 January 2011, a schedule of graduated valuation haircuts to the assets rated in the BBB+ to BBB– range (or equivalent). This graduated haircut schedule will replace the uniform haircut add-on of 5% that is currently applied to these assets.
The detailed haircut schedule will be based on a number of parameters which are specified in the press release to be published after today’s press conference. We are now at your disposal for questions. BIS Review 43/2010  3