31  Bank of England (2011) contains a discussion of possible macro prudential instruments. BIS central bankers’ speeches  11  4.1  Monetary and macro prudential policy  The combined use of monetary and macro prudential policy raises a number of questions regarding whether they may interact.
(ii)  Profitability  The efficiency of the banking sector can be determined by expressing operating expenses as a percentage of total income. Currently, the international benchmark for efficiency is 60 per cent. In the past, South African banks were able to keep this ratio below or close to the international benchmark.