•  Rollover of repo transactions in Government securities was facilitated with the enabling of DvP III mode of settlement in Government securities which involves settlement of securities  20  BIS Review 51/2007  and funds on a net basis, effective April 2, 2004. This provided significant flexibility to market participants in managing their collateral.
In a sign of the ferocity of the down turn, the IMF marked down, yet again, its estimate for global growth in 2009 to a range of (-)1.0 to (-)0.5 per cent, the first global contraction in 60 years.