Simultaneously, measures were taken to develop the market repos and the Collateralised Borrowing and Lending Obligations (CBLO) markets with the Clearing Corporation of India Ltd acting as a central counter party. By August 2005, the non-bank players were phased out of the uncollateralised call money markets, which is now a pure inter-bank market.
Since then, we have delivered a broad range of activities to ensure cash-flow in the economy and ensure that the financial sector is well positioned to meet the needs of New Zealanders, including:   Easing monetary conditions by keeping interest rates low to build confidence and enable cheaper lending for businesses and households.