The Reserve Bank Governor recently acknowledged that in rare situations an (asset class) price misalignment may be sufficiently obvious that a monetary policy response in excess of that required for the usual price stability objective could be required; in these cases in particular, a longer term view of the risks to price stability would be appropriate.
5 The Bank also has a crisis management role. Some categories of extreme and very low probability risk are also inherently difficult for the financial system to price and manage - the so-called "uninsurable" risks. Most insurance policies, for example, excluded compensation for loss arising from the Y2K problem (a once in a millennium event!).