Our experience suggests some of the key questions that might arise when confronting a crisis: how large is the financial disruption - how many firms or market participants are involved and how large are they? What is the potential for direct and indirect contagion, both domestic and international? Who are the counterparties and what is their exposure?
The nationalisation of major commercial banks in 1969 was aimed "to meet progressively, and serve better, the needs of development of the economy in conformity with national policy and objectives and for matters connected therewith or incidental thereto"3. This became the next milestone.