As at the end of August 2008, just before the latest episodes of global financial stress •  some 58 per cent of central bank reserves was invested in money market instruments;  •  26 per cent was invested in US government and other GF government bonds;  •  6 per cent was invested in agency bonds (Fannie Mae and Freddie Mac); and  •  the remainder was held in asset-back securities and other money market instruments.
1/2  BIS - Central bankers' speeches  I'm very, very optimistic that after a two-year pilot run, we will be able to deploy these machines, and hopefully, I'm quite confident that the benefits will be realized. The lesson from this is: what other things here in BSP could follow this model?