Home bias in the debt instrument market euro area countries (annual data) among euro area countries (annual data)  Sources: IMF, Thomson Financial DataStream, Sources: BIS, IMF, ECB calculations. ECB calculations. Note: The home bias of the euro area is computed Note: The home bias of the euro area is computed excluding intra-euro area asset trade allocation. excluding intra-euro area asset trade allocation. Indeed, a simple inspection of the data reveals that European countries increased their holdings of euro area international assets (as a share of their total international portfolio) between 1997 and 2003 (see Charts 5-6). 10 Over this period, the share of intra-euro area allocation increased markedly by 10 percentage points for equity portfolios and by almost 25 percentage points for fixed income portfolios. 10  12 EMU countries consists of the 12 euro area countries. “Other EU countries” refers to Denmark, Sweden and the United Kingdom. “Non-EU developed countries” comprises ten other developed countries: Australia, Bermuda, Canada, Iceland, Israel, Japan, New Zealand, Norway, Singapore and the US. “Emerging markets” is formed by 7 countries: four Asian emerging markets (Indonesia, Korea, Malaysia and Thailand) and three Latin American emerging markets (Argentina, Chile and Venezuela). BIS Review 43/2006  5  Moreover, global financial integration was accompanied by a large shift in holdings towards the euro area countries, thereby favouring international risk-sharing vis-à-vis the euro area, particularly with regard to other European countries and, to a lower extent, with respect to emerging markets in equity portfolios (see Charts 5 and 6).

Within the framework of its supervisory and oversight functions over the insurance sector, SAMA considered many files of insurance companies. By the end of 2013, SAMA licensed 35 insurance and reinsurance companies. Besides, SAMA approved 194 offices to provide insurance related services. SAMA issued a number of regulations and rules to regulate the activities of the financing sector in the Kingdom, improve its services, promote governance and transparency, protect the rights of its beneficiaries and create a competitive environment to contribute to provision of better financing services to meet the needs of the market and beneficiaries at competitive prices. Up to the end of July 2014, SAMA licensed 12 banks and 4 companies to conduct the activity of real estate finance and financial leasing, and 4 companies to carry out other  BIS central bankers’ speeches  1  financing activities. SAMA also granted initial approvals on 11 applications for licensing pending the completion of the legal requirements of the Ministry of Commerce and Industry. At the international level, the Kingdom holds a prominent position. It is an active member of the G20 since its establishment and of several international financial organizations. SAMA represents the Kingdom in a number of international forums and institutions, such as the Bank for International Settlements, the Financial Stability Board, Basel Committee, the International Association of Insurance Supervisors, the Islamic Financial Services Board and the Gulf Monetary Council. Currently, SAMA is participating in more than 25 committees, working groups and sub-committees in international commissions and organizations.