D.  Communicating with the market  In connection with the February policy change, there is criticism that there may have been some confusion in the process of communicating with the market since the end of last year when the policy action began to be the target of speculation.
In this regard it is also relevant that we have seen some divergence between secured and unsecured rates, which also relates to some extent to our monetary policy measures. While the ECB deposit facility rate has provided a floor for the EONIA, certain repo rates have come to trade significantly below OIS rates, especially for repos secured by collateral of the highest credit quality.