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I need only mention, in this regard, the brief but rapid ascent of the Swiss franc in October, or the surge in credit risk premia on the bond markets. These movements have since been partly reversed, but tensions remain. These remarks serve to illustrate a more general observation: unfavourable economic developments combined with a financial crisis can impair the transmission of monetary policy, and hence compromise its effectiveness. The expansionary effect of an interest rate cut can be diluted. When confronted with such a risk, monetary authorities have to take rapid and decisive action in order to exert the desired influence on final demand. This is what we have done over the past few months. In order to monitor lending conditions since the outbreak of the financial crisis, the SNB has been conducting regular surveys of the 20 major Swiss banks. By providing us with information on these banks’ intentions and expectations, the survey complements the analysis of lending volumes. In the vast majority of the institutions surveyed, no lending restrictions were announced in the third quarter. Only 15% of the banks reported that their lending practice had become slightly more restrictive. Data for October on lending volumes in Switzerland confirm this picture. Mortgage lending is growing steadily, most recently at a rate of 3.4%. Growth in other lending remains strong, albeit advancing at a slightly slower pace. Large companies have increasingly drawn down their lines of credit, owing to difficulties in sourcing financing on the capital markets.