Moreover, we see longer-term monetary policy benefits to a stronger ABS market: firms that are less reliant on bank finance in future downturns, and banks that are less constrained in their lending decisions by their capacity to hold credit risk. The second reason for our interest in ABS is their potential financial stability role.
In the last few days, I have been made to appreciate the work of a few people whose dedication to duty contributed in bringing the depository to its present status.