Another consideration which emerged during the consideration of alternative decision-making structures related to concerns about potential conflicts of interest where external appointees are involved in monetary policy decision-making and the limited pool of available expertise and experience suited for such a task in a small country like New Zealand.
I am glad to acknowledge here tonight efforts made by Swift Insurance Brokers in trying to comply with our requirements in this area noting that a number of insurance brokers have, generally, not done well in observing this requirement over the past years.