The level of productivity in the financial sector is important in terms of both the qualitative and quantitative aspects of the transmission mechanism. This is my first point. The following thoughts are necessarily tentative as it is unclear at this stage which components of recent financial innovation will survive the current crisis.
2/3  BIS central bankers' speeches  The aggregate value of total assets held by Irish retail banks fell by almost 5 per cent year-onyear to 2017Q1, while outstanding loans fell by almost 8 per cent in the same period. Deleveraging, write-offs, loan redemptions exceeding new loans, and currency movements contributed to the decline in loans.