It is a matter of concern that the audit systems prevalent in banks have not proved effective in detecting fraud cases due to factors like inadequacy of time allotted for audit, inefficient sampling of transactions to be checked during audit, lack of trained personnel with the required aptitude for audit work, etc.
Thus, in December 2009, and again in early March 2010,  2  BIS Review 57/2010  we decided to phase out gradually some of the extraordinary liquidity provision measures and scale back the number, frequency and maturity of longer-term refinancing operations. We conducted the last 12-month operation in December 2009 and the last 6-month operation in March 2010.