As you know, the Federal Reserve has pushed to expand banks’ ability to compete with investment houses in underwriting securities, and the scope for U.S. banks to sell insurance-related products has also expanded recently. BIS Review 13/1997  -4-  The third general aspect of banking that is often deemed special is the linkage between the banking system and monetary policy.
We recall that the programme provides flexibility in terms of adjusting the size, composition and duration of it. [Slide 28: Thank you!] BIS central bankers’ speeches  5