Since January, equity prices have gone up by 14% and by 18% since last May, lowering the cost of equity for non-financial firms and banks; the effective exchange rate has come down by 3% since January and by 12% since last May; corporate bond yields have come down by 2  BIS central bankers’ speeches  56 basis points since mid-last year, yields of bank bonds by 66 basis points and bank lending rates decreased, on average, by 70 basis points.
Further, we have widened the range of assets we accept, and extended the range of counterparties with whom we will transact. We also introduced a new term-loan facility for those financial institutions that participate directly in the Large Value Transfer System, taking their non-mortgage loan portfolios as collateral.