It may be recalled that in February 2004, the Reserve Bank had commenced a process of compiling half-yearly reports and placing them in the public domain with a lag of about three months for bringing about more transparency and also for enhancing the level of disclosure. The first such report with reference to September 30, 2003 was released on February 3, 2004, the second report with reference to March 31, 2004 was released on July 5, 2004, the third report with reference to September 30, 2004 was released on January 7, 2005 and the fourth report with reference to March 31, 2005 was released on July 6, 2005.