here faces unique realities in their relationship with indigenous communities today. but this symposium reflects our shared desire to work together internationally and within our countries — and most importantly, with indigenous partners — to learn from our histories and to do better. 1 / 3 bis central bankers'speeches our commitment to reconciliation here in canada, governments across the country and canadians from coast to coast to coast have vowed to uncover historical truths and work toward reconciliation. we can ’ t go back and change what ’ s happened. but we can try to correct some of the consequences that arose from ugly periods in our past. to this end, we have committed as a country to advance reconciliation and renew our relationship with indigenous peoples, based on recognition of rights, as well as respect, cooperation and partnership. much of the work is being done through the lens of the truth and reconciliation commission ’ s final report that was released six years ago with 94 calls to action. part of this includes economic reconciliation, which relates to our mandate as canada ’ s central bank. fundamentally, it ’ s our job to promote the economic and financial welfare of our country and all peoples within it. the report encourages organizations to apply reconciliation principles, norms and standards to their policies and operational activities. this speaks directly to one of the goals shared by all of us at this symposium : making our workplaces and policies more inclusive. that means eliminating long - standing barriers and ensuring that all voices are heard. because when we listen to more diverse voices, we have a greater understanding of how our policies affect all canadians. this helps us make better decisions. the report also calls for meaningful consultations with indigenous peoples and communities on economic development and equitable access to jobs, training and education. as canada ’ s central bank, we play an important role in creating the conditions for opportunity for canadians. and this must include meaningful opportunities for indigenous peoples within canada. so, taking concrete steps toward economic reconciliation is our responsibility too. and it ’ s incumbent upon us to take the time to do this well. moving forward with this in mind, the bank of canada will be working with a broad spectrum of indigenous groups to set out what reconciliation means for what we do. this will be a thoughtful, intentional exercise. we will look to our existing partners — and hopefully, many new ones — to guide us toward a common understanding of what our role should be going forward. we ’ ve learned a lot from the relationships we ’ ve built over the past several years. and we ’ ve

is no sector though more closely involved in securitisation than the banking sector. in fact, asset securitisation was introduced in the 1970s in the us precisely for the purpose to allow depository institutions to sell their pools of mortgage loans before maturity, thereby acquiring an additional source of funding. banks subsequently extended the securitisation i am very grateful to pontus aberg, valia rentzou and isabel von koppen - mertes for their valuable inputs and contributions, and to david marques for useful comments. see ecb ( 2008 ), “ securitisation in the euro area ”, monthly bulletin, february. model to other forms of credit, such as consumer credit and student loans, that were historically regarded as highly illiquid. in europe, the market for structured finance products has grown rapidly during the last 5 - 10 years, often at double - digit rates ( see chart 1 ). this development was maybe even more pronounced in the euro area compared with other regions due to several factors, including the introduction of the single currency, further financial market integration through the use of credit derivatives and related financial instruments, and an innovative financial industry. growth in structured finance products has also been fuelled by high demand from investors stemming from the search for yield and diversification opportunities. securitisation has also been positively affected by the move towards a more market - based financial system. increasing securitisation of lending - related assets, together with relentless financial innovation in credit markets, have led to the diffusion of a new business organisation – the “ originate to distribute ” model – among banks, particularly those of large size. there is certainly no need to explain to this audience how, under this new business model, the loans originated by banks are transformed into marketable asset - backed securities. however, it may be worth recalling that this is not the way banks have historically done business. under the traditional – perhaps, i should say secular – “ originate to hold ” business model, banks extend loans to firms and households and hold them in their balance sheets until they mature or are paid off. banks finance the provision of loans mainly by collecting deposits or issuing debt that have typically shorter maturities. thus, banks intrinsically face a maturity mismatch in their balance sheets that exposes them to funding liquidity risks, i. e. possible difficulties in funding their business activities. by allowing banks to transform their illiquid assets into marketable securities and providing an additional source of