Rolling over this diverse funding  BIS Review 46/2004  3  operation was a technically demanding task and I would like to pay tribute to my colleagues at the SARB who, long before my arrival, handled this task with skill, expertise and high professionalism. This was clearly not a sustainable situation.
Not only did it impair the central bank’s balance sheet, but it also had seriously distorting effects on the domestic money markets, hampering their development; and at times it risked undermining the implementation of monetary policy. We have therefore over the past two years set ourselves to find ways of draining this liquidity on a permanent basis.