To what extent have the Governing Council’s discussions been affected by the Steinhoff issue – that is, losses resulting from the purchase of bonds issued by the beleaguered furniture retailer – especially given that Council members hold very different views on corporate sector asset purchases? The Steinhoff case hasn’t resulted in any discussion in the Governing Council about changing the asset purchase programme.
We have certain rules regarding the suitability of individual instruments. We don’t blindly buy 100% of a given bond, we watch the market constantly. The important thing for me is that we don’t take on excessive risk. We also keep a constant eye on our risk management framework and adjust it if we see a need to do so.