In other words, financial markets are not infallible. It is interesting that in the latest Consensus survey of New Zealand forecasters, representing views in mid-July 1997, 39 percent felt that conditions were unduly firm, but 54 percent felt that they were about right - and conditions have eased somewhat since that survey was conducted.
Let me touch briefly on the reasons why we saw it fit to invest resources in the construction and outfitting of such a building. One of our key roles is to ensure the stability and soundness of the financial system. Like any other organisation, the Reserve Bank, in performing its roles, faces a number of risks. These include operational, strategic, and reputational risks.