I turn now to payments policy, which I know is of interest to this Committee. You conducted a very extensive set of hearings last year into payments issues and we believe that was very useful as a way of airing the views of the various participants.
In 2002, when the Payments System Board announced the credit card reforms, it committed to reviewing the outcomes after five years. We will meet that commitment with a review that will take up this year and part of next. The review will be broad in scope and will include all the Bank’s reforms to date.