"The dollar rallied last year because we had a global liquidity crisis, but we think the rules have changed and that it will be very different this time [if there is another market sell-off]" he said.

In all other share repurchases by general offer, and where applicable, in the case of off-market share repurchases, the following Rules of the Takeovers Code will normally apply: -.

Refusal to accept mark-to-market accounting rules that would force them to give an honest assessment of their off balance sheet liabilities.