-  Purchases typically took place at prevailing market prices: ie the Bagehot principle was not applied.22 While not charging an ‘insurance premium’ to market participants for an extended period may be understandable in a severe unexpected pandemic, it would be harder to justify providing  22  Arguably this was not true at the very height of the dysfunction, when central banks were buying at prices well below pre-stress levels. But this behaviour was not expected by the market ex ante, and prices of government securities in most markets bounced back rapidly following the initial central bank interventions. 9  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  9  market participants with an expectation of similarly-priced public support if market dysfunction occurred because of well-understood vulnerabilities. -  A key part of the success of the Covid asset purchase programmes was that they took large quantities of risk off private sector balance sheets, meeting the heightened demand by non-banks for cash and allowing intermediaries to return to providing finance to the real economy. At the same time, of course, that means more risk on public sector balance sheets. ‘Whatever it takes’ may apply in a global pandemic. But public authorities will be more sensitive to the cost to the public purse if future episodes of market dysfunction emerge because of vulnerabilities in the system. -  The Covid response was unanticipated and discretionary.

As part of our Financial Sector Master Plan, we have implemented a 10-year programme to increase consumers' financial literacy. We are now in the third year of the programme. The effective participation by the public in the financial system needs to be an informed participation. There needs to be better understanding of the consumer's financial rights and responsibilities, the opportunities and the associated risks and costs. Bank Negara Malaysia LINK through its exhibitions, interactive information kiosks and booklets, will serve as a channel to provide consumer financial education to the public. In this connection, Bank Negara Malaysia LINK will provide information relating to conventional and Islamic banking, insurance and takaful, SMEs, foreign exchange administration, Central Credit Reference Information System (CCRIS), Biro Maklumat Cek, development financial institutions, and other financing related matters. Bank Negara Malaysia LINK would also attend to public complaints on the above matters. As part of efforts to preserve the history on Bank Negara Malaysia's role in nation building, Bank Negara Malaysia LINK also includes a section on the Bank's contribution in shaping the country's economy and financial sector since the 1950s. Ladies and Gentlemen, The establishment of Bank Negara Malaysia LINK takes the Central Bank's public outreach programme to a higher level. By providing a centralised platform for the public to seek information and address financial issues, it is our hope that Bank Negara Malaysia LINK will be instrumental in building bridges between consumers, including SMEs, the financial business community, consumer associations and policymakers.