Mr. Vasileios Madouros:

Yes, ECB liquidity. Mortgage-related collateral is the vehicle through which Central Bank liquidity can be accessed.

If, as a result of the Bill, financial institutions cannot issue these mortgage-related instruments with mortgage as collateral, it will constrain their access to financial markets and their ability to access Central Bank funding in periods of stress, which is one of the reasons we have flagged, from a financial stability perspective, the concern about the reduced ability of the system to absorb shocks because it will have reduced access to Central Bank liquidity facilities.