Its business is thriving and its contribution to the financial sector is expected to grow further over time. Banks should invest to tap the local as well as the regional market further to expand the contribution of the financial sector to GDP, from its current level of around 12 per cent.
These fine-tuning operations together with the following abundant weekly refinancing operation (EUR 73.5 billion above the benchmark) succeeded in stabilising the very short-  1  I am very grateful to Trevor Fitzpatrick, Edward O’Brien, Fatima Pires and Ralph Weidenfeller for their valuable inputs and contributions. BIS Review 122/2007  1  term interest rates.