Sixth, we decided to keep the key ECB interest rates unchanged. We expect them to remain at their present or lower levels until we have seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within our projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics.
Even so, I have a lot of confidence that our figures are a good guide to the health of our banking system.4 I think it is true to say that there has not been a lot of unhedged foreign currency borrowing occurring among Australian corporates since the days of the "Swiss franc loans" of the mid-eighties, but I will postpone discussion of that topic until I deal with foreign debt in the second half of this talk.