boe speech, 2006-05-19
If there has been an 'awakening', maybe it was triggered by a combination of the volatility of the value of equities held by funds, especially when they fell sharply a few years ago; the volatility of the discounted value of their liabilities as long-maturity real rates fell; regulatory requirements governing the closure of deficits; and fluctuations in the net value of funds having for the first time to be reflected in firms' capital in their financial accounts.
Sentiment: neutral
Topic: mp_economic_activity