Quite substantial changes to operational arrangements in the private sector, and in the Reserve Bank itself, were required to achieve this. But it was worth doing because it lowers risk in the system and helps faster access to funds. On financial regulation, the global effort at building a stronger framework continues.
The Financial Stability Board has been clear about the priorities over the coming year, under the headings of implementation of Basel III changes, continuing towards completion of a regime for “too big to fail” financial institutions, making derivatives markets safer and making sure “shadow banking” activities have appropriate oversight.