At present, income from the high level of reserves and from the payment of illiquidity assistance more than offsets outlays, which are mainly related to payments of interest on securities issued by the Central Bank and the premia paid on its repo transactions.
In addition, the behavior of the reference interest rate (interest rate on reverse repurchase operations) in 2006 also reflected the change in the stance of monetary policy, with a 125 bp hike. Market interest rates followed the reference rate dynamics.