| The Ministry of Finance and Economy implemented a budget-neutral midyear review and fiscal adjustment. |
| In addition, after the unforeseen midyear impact of foreign exchange losses, severe cutbacks were applied to end-of-year purchases. |
| If a member retired midyear the adjustment for the first year was pro-rated. |
| But as the economy weakened midyear, the rug was pulled out from under the market. |
| However, by midyear, most markets had recovered, and by year-end, many of the major equity markets had set new highs. |
| Excluding expenses for retail debt, which the Bank began to recover from the Department of Finance at midyear, operating expenses were flat. |
