However, the stock of bank bonds on issue is significantly higher than it was just before the start of the global financial crisis, reflecting the strong issuance of bank bonds in 2008 and 2009 as the financial system was reintermediated because other forms of non-bank financing dried up.
Mr Macfarlane’s overview of monetary policy in Australia Opening statement by the Governor of the Reserve Bank of Australia, Mr I J Macfarlane, to the House of Representatives Standing Committee on Economics, Finance and Public Administration, in Melbourne, Australia on 17 June 1999. Thank you, Mr Chairman. It is a pleasure to be here in Melbourne again appearing in front of the Committee.