Following up on another of the Panel’s recommendations, the Board has agreed to have these independent evaluations done on a regular basis. These evaluations will be conducted every two years, focusing on different areas of institutional responsibility. The first of these will be commissioned next year and will be carried out with the same degree of independence, rigor, and dissemination as the first one. III.2. Special measures and balance sheet Since November 2019, the Bank has adopted a dozen exceptional measures to face present and potential episodes of financial volatility associated with sharp portfolio re-composition by market agents (Table 5) 6. All these initiatives have had the ultimate goal of complying with the Bank’s constitutional mandate, which is the stability of the currency and the normal functioning of the financial system, but they also have a significant impact on its balance sheet and its net worth. These measures include the Incremental Financing Conditional on Increased Lending (FCIC), the extension of collateral for Peso liquidity operations offered by the Bank, and the Term Purchase and Sale Program (CC-VP) to facilitate the liquidation of pension fund assets. In addition, a flexible credit line was established with the IMF, the Bank was included in the FIMA Repo Facility of the New York Federal Reserve, and the volume and possible uses for a Renminbi/Peso swap line with the People’s Bank of China were expanded, significantly strengthening Chile’s external position.
15  Figure 7  Labor market indicators (1) (2) (index, January 2020=100)  Employment levels  Total hours worked (3)  110  125 110  125  100  100 100  100  90  75  90  75  80  50  80  50  25  70  25  70  20 01 Chile  Abr. 04 Colombia Spain  Jul. 07 U.S.  France  01 20 Japan  U.K.  04 07 Abr. Jul. Peru (right axis.) (1) Monthly data for all except Spain and France, which use quarterly data. The latter use base 2020.Q1=100. (2) Seasonally-adjusted series, except for Colombia, Spain and Peru. (3) Four Chile and France, total hours worked are calculated by multiplying average hours and total workers in the period. Sources: Bloomberg and respective statistics bureaus. Figure 8 Q: How have your workers' wages changed with respect to before the crisis? (percent of total answers)  Annual wage correction Welfare benefits Sales commissions Overtime pay Incentives and bonuses Non-monthly payments Other basic and permanent wages Basic wage Significantly reduced  0 20 Slightly reduced  Slightly increased  Significantly increased  Source: Special survey to companies, Central Bank of Chile.