8  BIS Review 60/2001  For these reasons, the Reserve Bank concluded that in certain cases it was likely to require that retail banking business above $ million of deposits should be conducted via a locally incorporated subsidiary.
I am persuaded, however, by the arguments laid out by our panelist Michael Woodford and others suggesting that the policy rate should, under present conditions, be held “lower for longer” than conventional policy rules imply. I see these ideas reflected in the FOMC’s recent policy.