At the global level, the G20 have just agreed to a proposal that global systemically important banks will have to fulfil in future regarding their capital structure. In particular, these banks will need to ensure a minimum amount of total loss-absorbing capacity, TLAC for short, which may be as high as 20% including the minimum capital requirements and the G-SIB buffer.
Our task therefore becomes more difficult and complex as time slips by. Over the last five years, the Reserve Bank has therefore used the tools available to us to stabilize the situation. We have progressively raised interest rates in the last four years. We have tightened liquidity.