With a view to carry the reform process further, as announced in the Budget last year the Government decided to convert the recap bonds issued as special securities (basically nonnegotiable) to marketable securities indistinguishable from other Government securities . The process has already started and in 2006-07 the Government converted nearly Rs 80 billion to SLR securities.
The role of central banks  Now, as a last point, let me say a few words on the role of central banks in this new regulatory and supervisory framework. Naturally, central banks have a strong interest in financial stability, as only a stable financial system allows monetary policy measures to be implemented efficiently.