The 2011 PCAR was conducted in a transparent way, using conservative assumptions and external validation and this review will be updated again in 2012 to take account of developments in the market.
Strains continue to be evident in the commercial paper market as well, where risk spreads remain elevated and the quantity of commercial paper outstanding, particularly asset-backed paper, has decreased. Commercial and industrial loans at banks grew in January and February, but at a considerably slower pace than in previous months.