Another issue that may be relevant here is the implication of a firm that has a balance sheet that looks like that of a bank but does not have direct access to the lender-of-last resort. Finally, and especially in light of the issues just raised, I think it is important for me to emphasize that the bank supervisors have expressed a clear willingness to listen to what the banking community has had to say on the issues involving electronic and Internet banking. Regulation E, promulgated by the Board of Governors, implements the Electronic Funds Transfer Act of 1978, and establishes primarily for consumer protection purposes the basic 7  See Royal Bank of Canada, et al., 83 Fed. Res. Bull. _____, (Order approved Dec. 2, 1996). Integrion also stated that it will not function as an Internet service provider, but will provide a secure electronic link to one. 9 See Notification to the Board of Governors Regarding Investment in Marketware International Inc. of Toronto Dominion Bank (Dec. 19, 1996). 10 See OCC Interp. Letter No. 742 (Aug. 19, 1996). 8  BIS Review 17/1997  -5-  rights, liabilities, and responsibilities of consumers who use, and financial institutions who offer, retail electronic funds transfer services.11 Among the protections provided are required disclosures, error resolution procedures, and loss protection.
Apart from oil, food prices are expected to remain elevated, even as the rate of increase moderates. 6. These external developments – higher oil prices, continued high prices of food, and inflationary pressures in our trading partners – have affected Singapore because of our openness and heavy dependence on imports. We are thus revising our CPI inflation forecast for this year to 6-7%, compared to the earlier estimate of 5-6%. Given the outcome in the first  BIS Review 94/2008  1  half of the year, the new forecast range implies that headline CPI inflation is expected to come down over the rest of the year. There are several reasons for this: •  First, the one-off impact of the GST hike will cease to affect headline inflation in July. •  Second, although global commodity prices are likely to remain high, any further price increases are expected to be milder, compared to the first half of the year. •  Third, there are early signs of an easing of domestic cost pressures as the economy slows and asset markets consolidate. The rate of increase in commercial rentals, for example, appears to have peaked. Recent employment surveys have also shown that employers have become more cautious about hiring, suggesting that the pressures on the labour market could ease. •  Fourth, MAS had pursued a policy of targeting an appreciation of the Singapore dollar nominal effective exchange rate $ since 2004.