  The process of phasing out started in December 2009: We suspended liquidity provision at maturities of 6-month and 1-year; the covered bond purchase  BIS Review 152/2010  3    By now the following liquidity support measures have remained in place: unlimited liquidity provision in our refinancing operations at a fixed interest rate and the SMP.
I am confident that Lasse Pedersen will continue making extraordinary contributions in the coming years and hereby extend my very best congratulations to him for winning the 2011 Bernácer Prize. I thank you for your kind attention. BIS central bankers’ speeches  3