This was done by adjusting the inter-temporal distribution of liquidity provision within the reserve maintenance period and the maturity profile of the refinancing operations, while maintaining the overall supply of central bank money broadly unchanged. III.
Nevertheless, by enhancing certainty about what can be done and how it can be done, I believe that the financial modernization law will likely bring an increase in mergers among firms that had been specializing in different financial services. These mergers will be undertaken to take advantage of the perceived synergies and cost advantages imagined from such combinations.