As most of you know, credit default swaps involve the sale or transfer of credit risk associated with a specific reference entity for a fixed term in exchange for a fee from the buyer of the protection. Synthetic collateralized debt obligations entail similar arrangements but are based on portfolios of exposures and are tranched in a manner typically seen in securitizations.
At the end of this year this figure will be reviewed. It should be emphasised that we did not define a target for money growth. The reason for this is the structural break that the introduction of the euro creates.