As you know, over the past year, there has been a generalised disruption in normal money market operations between banks resulting mainly from uncertainty regarding the extent of losses on complex financial instruments linked to sub-prime mortgages in the US. Central banks responded strongly to counteract these adverse conditions in money markets.
There is no doubt that he has had a challenging job: as he was our first representative in India, he could not draw on existing experience and had to build up a network from scratch. Judging from the distinguished crowd gathered here today, he has done an excellent job.