- sized firms ) in order to implement the above guideline for market operations, the bank will offer to purchase 10 - year jgbs at 0. 25 percent every business day through fixed - rate purchase operations, unless it is highly likely that no bids will be submitted ( decided in april 2022 ). duration : until end - september 2022 ( extended in december 2021 ) future conduct of monetary policy the bank will continue with quantitative and qualitative monetary easing ( qqe ) with yield curve control, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner. it will continue expanding the monetary base until the year - on - year rate of increase in the observed cpi ( all items less fresh food ) exceeds 2 percent and stays above the target in a stable manner. for the time being, while closely monitoring the impact of covid - 19, the bank will support financing, mainly of firms, and maintain stability in financial markets, and will not hesitate to take additional easing measures if necessary ; it also expects short - and long - term policy interest rates to remain at their present or lower levels. stabilizing financial markets flexible provision of ample yen and foreign currency funds - active purchases of jgbs and t - bills - u. s. dollar funds - supplying operations lowering risk premia in asset markets purchases of etfs and j - reits - etfs : annual pace with an upper limit of about 12 trillion yen - j - reits : annual pace with an upper limit of about 180 billion yen

driven corrections in the housing market. at the international level, the risk factors that i discussed earlier may generate higher mortgage funding costs and / or a downward revision in the prospects for income and employment growth in ireland. at the domestic level, a desirable expansion in the supply of housing would put downward pressure both on rents and house prices. as the national macroprudential authority, we are committed to ensuring that the domestic financial system remains resilient in the event of a reversal in house prices. the ceilings we have placed on loan - to - income ( lti ) and loan - to - value ( ltv ) ratios on mortgage loans are essential in limiting systemic financial risk emanating from the mortgage market. by guarding against excessive mortgage debt at the household level, these measures also serve a vital consumer protection function while also limiting the risk that a house price reversal is amplified at the macroeconomic level through deleveraging pressures on over - extended households. in relation to the financial health of the banking system, the mortgage measures are reinforced by the higher risk weights associated with mortgage lending in ireland under our capital requirements, together with the capital buffers we impose on systemically - important institutions. in discussing the risks associated with the housing market, it is essential also to maintain our focus on the legacy issues from the crisis. i next turn to discussing the management of npls, before turning to the financial conduct concerns that have been brought into sharp relief by the mis - handling of tracker mortgages across the irish banking system. non - performing loans the central bank ’ s work on mortgage arrears and npls spans its financial stability, prudential supervision and consumer protection mandates. within the remit of the central bank ’ s responsibilities, the approach to mortgage arrears resolution is focused on ensuring the fair treatment of borrowers through a strong consumer protection framework, while ensuring that banks are sufficiently capitalised, hold sufficiently conservative provisions, and have the appropriate strategies and operational capacities to resolve arrears. while there has been progress in recent years in reducing the stock of npls in ireland and across the euro area, significant challenges remain. in the absence of pro - active management, the remaining npl stocks may adversely affect the medium - term supply of bank credit and pose financial stability risks through elevated uncertainty regarding the true health of the banking 4 / 7 bis central bankers'speeches system. importantly, these risks render banks especially vulnerable in the event of a future downturn in the economy, such