Moreover, at the time it was undergoing considerable change, in response to the evolving demands in the financial markets of households, firms and governments. On the basis of this encouraging experience, the Porter Report came out strongly in favour of increased competition and deregulation. It was aware that this might entail some risks, but thought they were worth taking.
1  Porter Commission Report, p. 572. 1  BIS Review 30/1999  This advice was followed in the revisions to federal financial legislation of 1967, notably in the following measures:2 removal of the 6 per cent ceiling on bank loan rates; permission for banks to enter conventional (i.e.