As I mentioned in my Statement introducing the Annual Report of last year, we had separate Peer Reviews carried out by both the Bank for International Settlements (BIS) and the Reserves Advisory and Management Program of the World Bank’s Sovereign Investments Partnership. Both reports have now been received.
•  Any change in our portfolio management strategy is tied up with changes in our accounting approach and the profit allocation framework as well as with the risk appetite that is now warranted in the circumstances. We envisaged changing our accounting approach to allow for dynamic provisioning of expected losses from “negative carry” resulting from forex sterilisation operations.