Even though handling procedures for credit claims are sometime more cumbersome, counterparties show an increasing interest for this asset class with very low opportunity cost. The bottom line of these figures is that the increasing use of lower opportunity cost collateral shows that a growing number of counterparties are becoming more active and efficient in managing their collateral, and thus their liquidity. Finally, the recent market turmoil provided tangible evidence that the collateral framework of the Eurosystem is broad enough to ensure that counterparties do not face collateral shortages, even in difficult situations. Where do we stand today? The degree of uncertainty concerning risk – where is it?, how much?, at what price? – is declining with every forthcoming disclosure. Some asset classes have already fully recovered their risk appetite. Bank profits will be impacted, but their capacity to absorb adverse developments has also been strengthened by buoyant results over the last years. However, we are not back to normal yet, especially in the unsecured interbank term money market. We are not fully safe from a low probability but potentially high impact negative event. Before drawing some tentative lessons, let me add that there is no trade-off between liquidity provision and monetary policy, with its primary objective of maintaining price stability to which we are resolutely attached. III. Key issues  At the international and at EU level a tentative agenda is emerging around 4 axes for further examination. First: Transparency Enhance transparency for investors, markets and regulators (including improvements at the level of data reporting).

The Kijang Emas Scholarship is distinct from the Kijang Scholarship in that the recipients are given the freedom to pursue any field of study at top universities in any country of their choice. The Bank also does not impose any bond on the recipients except that they return, contribute and partake in the development of our nation. To date, 44 high potential talent have been awarded the Kijang Emas Scholarship. The recipients have graduated or are currently pursuing their studies in diverse fields of study including Medicine, Engineering, Law, Economics, Dietetics, Actuarial Science, Accounting, Dentistry, Biochemistry, Genetics, Architecture, Psychology and Geophysics in top universities around the world such as MIT, University of Pennsylvania and the University of Cambridge. Thus far, 11 Kijang Emas scholars have completed their undergraduate studies and have returned to serve the nation, while another seven scholars are expected to complete their studies in the next six months. For the 2015 Kijang Emas Scholarship, we received a total of 212 applications from top SPM students scoring straight A+ for their 2014 SPM. From this, the Bank shortlisted the top 24 students based on their SPM results and also on their level of involvement in co-curricular and sports activities. The students then underwent a rigorous evaluation process under the Bank’s “Kijang Academy” which assessed their technical and leadership competencies, as well as their values. We are pleased to award four outstanding students the Kijang Emas Scholarship this year. Having just completed their SPM, they will be enrolled into the respective pre-university programmes.