Q: There has also been a lot of talk about......>

ECB: Q: There has also been a lot of talk about the possibility of you buying

fallen angel debt (debt that has lost its investment grade rating), but you

haven't discussed that yet. Is it a controversial measure?

A: The truth is that, at least for the moment, we have not seen waves of rating

downgrades for companies or countries that are on the brink of losing their

investment grade ratings. So there is no urgency for us to discuss this now in

relation to our asset purchases. But we are, of course, aware of the risk that

credit rating downgrades could have procyclical effects, and this is something

that we are monitoring very closely. And we are accepting this type of debt as

part of the collateral that banks can provide when seeking central bank

liquidity.

Q: So it might be a possibility in the future?

A: I would not rule out this possibility completely, but it's not on our agenda

at the moment.