2  BIS Review 26/2010  In response to the turmoil in economic and financial conditions, the Bank took various steps to ensure market stability; for example, lowering the policy rate in two stages from 0.5 percent to 0.1 percent in October and December 2008, and providing ample liquidity to the markets, including unlimited U.S. dollar funding.
Furthermore, the Bank adopted exceptional measures such as outright purchases of CP and corporate bonds to support a recovery in market function. Also, through its special funds-supplying operations to facilitate corporate financing, the Bank provided an unlimited amount of funds to counterparties at a fixed rate of 0.1 percent against corporate debt submitted as collateral.