The Single Resolution Board, which will be fully operational as from 1st of January 2016, is at the core of the SRM. It is responsible for preparing and implementing the effective resolution of insolvent banks, especially significant and cross-border banks, in cooperation with the national resolution authorities.
The current signal is that we are still a long way away from full employment. Consistent with the judgement that the condition for an increase in the cash rate is unlikely to be met before 2024, the Bank remains committed to the 3-year yield target. We are not considering removing the target or changing the target from 10 basis points.