We rely on the effective two-way flow of information between the Bank and financial markets in order to fulfill our mandate efficiently and serve the public interest responsibly. In aiming to do so, our overriding priority is to provide markets with the confidence that the value of money will be preserved through sound monetary policy.
That said, the presence of these facilities – including the latter two until the end of October 2009 – helped to mitigate uncertainty among market participants about the availability of liquidity. Future: dealing with moral hazard and the provision of liquidity I would now like to return to the issue of moral hazard.