The ratio of operating costs to gross income, which can serve as a proxy for operating efficiency, was 63.8 per cent in June 2008, about one percentage point higher than for banks incorporated as public limited companies. This indicator improves with the size of the bank: it is better for the listed than for the minor banks (63.1 as against 67.9 per cent).
At this meeting, we also expect to lay out the key principles for reducing the bond holdings in our monetary policy portfolios. We will proceed with prudence, continuing to normalise our monetary policy in line with our medium-term price stability objective. 4/4  BIS - Central bankers' speeches