tarisa watanagase : financial globalization and market turbulence opening remarks by dr tarisa watanagase, governor of the bank of thailand, at the bank of thailand ’ s international symposium on “ financial globalization and emerging market economies ”, bangkok, 7 november 2008. * * * professors, distinguished participants, fellow central bankers, ladies and gentlemen, it is a great pleasure for me to welcome you to the bot international symposium 2008 on “ financial globalization and emerging market economies ”. this symposium is the third in a series of international symposia organized by the bank of thailand. from its first meeting eight years ago, this symposium series has been a gathering of prominent academics, policy - makers and market participants to discuss current issues on both monetary and macroeconomic policies from an international perspective of either emerging, regional, or global economies. over the past several years, a common theme for us as the organizer has been the focus on inflation targeting and its implications on monetary and financial sector policies where appropriate. through this series of symposia, a body of knowledge has been timely accumulated to be put to great tests from the increasing trend in financial globalization and the accompanying turbulence in recent years. when the topic for this year ’ s symposium was chosen prior to this current market turmoil, it was not apparent at the time that the turbulence would indeed turn out to be one of the most challenging events since the great depression. so this is an extraordinary time for the world financial market and probably most suitable for an international symposium on the subject of financial globalization. ladies and gentlemen, financial globalization has certainly made the international financial landscape look very different today compared to just a decade ago. and almost every day, new events continue to re - shape it even further. one aspect among these changes, however, remains constant. that is, despite the complexity and sophistication of today's financial institutions as well as instruments that are developed to manage all kinds of risks, the remarkable degree of global financial linkage still makes financial turmoil transmit from one country to another at an ever faster pace than we have previously anticipated. like all financial crises of the recent past, several weaknesses and excesses were initially submerged and only later found to be much larger than the initial estimates, contributing to the permanent boom - bust cycle that seems to always accompany modern business and finance. understanding the various causes of the crises is only the initial step towards resolving its short - term impacts and preventing its recurrence, if entirely possible, in

norman t l chan : strengthening risk management of banks in hong kong statement by mr norman t l chan, chief executive of the hong kong monetary authority, to the media, hong kong, 19 may 2017. * * * in view of the increasing risk of overheating in the property market, i would like to announce that the hong kong monetary authority ( hkma ) has decided to introduce three new counter - cyclical prudential measures today to strengthen the risk management of banks. 2. the first measure requires those banks using internal ratings - based approach to calculate capital charges for credit risk to raise the risk weight floor by 10 percentage points from the existing level of 15 % to 25 % for new residential mortgage loans. 3. the second measure requires banks to lower the applicable loan - to - value ratio ( ltv ) cap by 10 percentage points for mortgage loans extended to applicants with one or more pre - existing mortgages. 4. the third measure requires banks to lower the applicable debt servicing ratio ( dsr ) limits by 10 percentage points for mortgage loans extended to applicants whose income is mainly derived from outside of hong kong. 5. these three measures take immediate effect. however, mortgage applications for transactions with provisional sale and purchase agreements signed today or earlier will not be affected. 6. finally, i would like to remind the public that, for most people, buying a property is not only one of the most important decisions in life, it is also a financial transaction entailing significant leverage through borrowing. prospective buyers must be mindful of their ability to cope with the potential risk that may arise from possible changes in the property cycle as well as mortgage interest rates. 7. the hkma will continue to monitor the property market closely, and will introduce appropriate counter - cyclical measures to safeguard the stability of the banking system. 1 / 1 bis central bankers'speeches