In this sense, intervention to lower the NZ dollar is less restricted than in the reverse situation where intervention is working to support the NZ dollar by running down reserves. Many countries around the world have policies which allow foreign reserves to be built up as the exchange rate rises and reduced when their currencies come under pressure.
The agencies expect to conclude the on-site portion of our examination process by the end of this year and plan to review the findings immediately thereafter. We want to ensure that our analysis is comprehensive and provides a basis for development of remedial actions. Currently, the banking agencies plan to publicly release a summary report highlighting the industry-wide findings in early 2011.