As at the end of September 2018, we had purchased € billion of public sector bonds, € billion of covered bonds, € billion of corporate bonds and € billion of asset-backed securities. How do such purchases benefit the real economy?
As a result, banks’ exposure to the public sector accounts for less than 17 percent of total assets, vis-à-vis around 50 percent during the crisis. Besides, we took specific measures to prevent those who cannot repay in us dollars from borrowing in that currency, encouraging the development of the credit market in domestic pesos.