As you will know, the Lead Supervisor model was launched by the European Financial Services Roundtable in 2003/2004. Under this model, the home supervisor is made responsible for supervision of an entire financial firm, including its foreign subsidiaries, while recognizing the need for an important role for the host supervisor.
As I noted earlier, the international market was an important source of demand for the Australian market prior to the crisis. A significant share of the issuance to offshore investors was in foreign currency, but post-crisis there has only been one issue with a foreign-currency tranche.