The impact of disintermediation on the housing market could be quite significant; for example, a moderate tightening of monetary policy in 1966 contributed to a 23 percent decline in residential construction between the first quarter of 1966 and the first quarter of 1967.
On the supervisory side, we have traversed vast territory in progressively refining our supervisory focus to ensure a safe and sound banking system, comparable with the best in the world.