As at the end of August 2008, just before the latest episodes of global financial stress •  some 58 per cent of central bank reserves was invested in money market instruments;  •  26 per cent was invested in US government and other GF government bonds;  •  6 per cent was invested in agency bonds (Fannie Mae and Freddie Mac); and  •  the remainder was held in asset-back securities and other money market instruments.
This structure helped in insulating the official reserves from any loss. All our deposits are in commercial banks which have not been affected by the recent crisis. You would note that, so far, the turmoil has been largely in the investment banks: Bear Stearns, Lehman Bros, and Merrill Lynch; with some ripples in Goldman Sachs and Morgan Stanley.