Steps in  BIS Review 127/2008  5  these directions, in the context of what other countries were doing, were sensible and the Reserve Bank supported them. As is also the case in other countries, the design features of the various guarantees will be important. Little detail is available from other countries yet.
Meanwhile, the Reserve Bank is working with our colleagues in the Treasury on the details of the Australian arrangements, including on how to maintain continued healthy functioning of Australia’s short-term money markets. The element of the UK plan Australia has not sought to emulate is public underwriting of capital injections.