There are costs and benefits for the Reserve Bank to publish the minutes of internal meetings. In the interests of greater policy transparency, we will issue brief statements to the public at regular intervals to provide information on overall economic conditions and the monetary policy stance. These statements will usually follow MPC meetings, which will take place every six weeks.
In a recent initiative by the Basle Committee on Banking Supervision to amend the Capital Accord to include market risk, a greater role has been given to banks’ own internal models in the measurement of market risk. This reflects a move away from regulation that relies on detailed rules to an approach that places more emphasis on the adequacy of internal risk control mechanisms.