At its September 2010 meeting, after weighing the risks to the growth and inflation outlook over the policy-relevant horizon, the MPC decided unanimously to cut the KRR by 100 basis points to support domestic recovery. We were swimming against the tide as many emerging country Central Banks had already started monetary tightening while others were on hold.
To achieve those outcomes, the New Zealand authorities would need to have access to the critical operating and information systems necessary to operate the bank, and more or less immediately on the failure occurring.