Our SDR allocation and gold holdings make up nearly 14% of the portfolio, the balance being commodity currencies like the Canadian, Australian and New Zealand dollars and the Japanese yen.
In addition, credit standards eased further on loans to enterprises, notably due to increasing competitive pressures in retail banking, while tightening somewhat on loans to households for house purchase. Overall, the monetary policy measures we have put in place since June 2014 provide clear support for improvements both in borrowing conditions for firms and households and in credit flows across the euro area.