The Planning Document maintains the objective set in last year’s Document and reaffirmed in the December stability programme update of balancing the budget and achieving a primary surplus of about 5 per cent of GDP in 2011.
This very ample eligibility of collateral has dramatically eased banks’ liquidity constraints during the crisis and, ultimately, it has encouraged them to extend new credit or continue rolling over maturing loans. 3) The first two building blocks offer unlimited refinancing against a very wide range of collateral.