We want debt investors to have the information they need to price risk and so support the proposals in the TLAC term sheet and Basel’s Pillar 3 Framework that require banks to disclose the rank ordering of their liability structure at legal entity level. As I have described, we want debtholders and other stakeholders to understand how we will use out resolution powers and so have published a document setting out our approach to resolution – otherwise 15  known as the Purple Book. The latest edition in October indicates how far we have come since we first  published the Purple Book in 2014. But we have further to go. It is our intention – which we indicated to the Treasury Select Committee in March – to publish summaries of the resolution plans for the major UK banks and our assessment of their resolvability. We will do this after the start of 2019 when ring-fencing, the first level of TLAC requirements and operational continuity in resolution arrangements are in place. As an institution we want to be open and accountable. As a resolution authority we need to be for it to work. There is a famous Chinese proverb that notes a journey of a thousand miles begins with a single step. On the resolution journey there have been a lot of steps – in fact we could all be forgiven for feeling footsore – but the thousand mile marker is coming into view. 15  See the Bank of England’s approach to resolution https://www.bankofengland.co.uk/-/media/boe/files/financialstability/resolution/boes-approach-to-resolution.pdf?la=en&hash=8213BE00D67C4CADB948D51FEBD164E136A70BE6 .

This growth was sustained with a strengthened balance of payments position. Macroeconomic policies during the year were focused on supporting domestic activities as the main driver of economic growth. Private consumption remained resilient despite the lower export earnings. National savings remained high at about 35% of GNP. Public sector investment increased by 15.5%, while consumption expenditure increased by 11.9%, mitigating the impact of the contraction in domestic private investment. The more diversified economic structure of the Malaysian economy also moderated the impact of the decline in external demand faced by the export-oriented industries. The weaker growth in the export-oriented manufacturing sector which contracted by -10.2% was mitigated by positive growth in all other sectors. Stronger growth in the domestic-oriented industries, which increased by 7.4% compensated for the shortfall from declining external demand. The agriculture and the mining sectors, which expanded by 2.5% and 0.2% respectively, accounted for 15.5% of GDP. Domestic-oriented industries in the manufacturing sector now accounts for more than one-quarter of total output. Domestic content in the services sector is now higher, at about 80%. The construction sector, which has high local content and multiplier effects, also performed better during the year. The pro-growth policies to stimulate domestic activities benefited in particular the services sector which sustained a growth of 4.9% in 2001. The expansion was broad-based, with strong increases recorded for intermediate services, particularly finance and insurance as well as communication sub-sectors. Strong expansion was also recorded in the final services group, particularly government services and utilities sub-sectors.