In the days ahead, the challenge for the supervisors would be to maximise the advantages and minimise the disadvantages of the foreign banks' local presence by synchronising the emerging dominance of their local operations with the progress in the domestic financial markets as well as in liberalisation of capital account.
Of course, policy supports can always be refined as we learn more about the nature of the shock: greater targeting is welcome to ensure that only those that truly require support will access it. These are questions that affect all of us, given the importance of local businesses in our economy and society.