Not being a liquidity-constrained institution, we can act as a buy-side counterparty in markets where sell-offs are taking place, and our investment in those markets can be held to maturity, so that only default risk could impact our profit and loss accounts. I will now turn to our ordinary market operations, that is, our lending operations.
They describe what has been done with interest rates and open market operations, and what, if anything, has happened to bank liquidity, but they never bring the story to a conclusion, to say what effect policy actions have had on output or inflation, even in the broadest terms. We simply do not have the information we would need to make such an assessment.