Under the policy framework, the Bank shifted the main operating target for money market operations from the uncollateralized overnight call rate to the current account balances held by financial institutions at the Bank.
As of year-end 1999, for the five large banking organizations with more than one billion dollars invested, at cost, in equities, these assets accounted for between approximately 10% and 25% and more of Tier 1 capital and between more than 10% and 35% at carrying value.