not wilt and lose mana. our offices in auckland and wellington have been designed to reflect elements of our tane mahuta narrative, such as the forest, sky, and earth. each day as we walk through the security gates to enter our wellington offices, tane mahuta looks back at us as a reminder of our responsibility ( figure 2 ). figure 2 : tane mahuta in the reserve bank lobby in wellington source : reserve bank of new zealand our mahi - kaitiakitanga one of our responsibilities as kaitiaki of the financial system is to remove barriers to allow the maori economy to thrive. our te moni anamata - future of cash work programme ( reserve bank of new zealand, n. d. ) considers the barriers that may emerge from a contracting cash system. it explores how access to physical currency supports financial inclusion for our kaumatua ( elders ), enables koha ( customary gifting ), and helps support maori economies to thrive independently on ancestral lands, which may be further from our main population centres and have less access to digital payments. looking forward, the next big challenge we face is understanding the factors that limit maori access to capital. a recent survey ( bdo 2020 ) found that funding and access to capital were two of the greatest challenges faced by maori businesses. we want to learn more about how factors like collective land ownership, lower home ownership, and systematic bias might be affecting the rates at which maori businesses access debt and other forms of financing. you can read more about this in our financial stability report ( reserve bank 2021 ), published yesterday. we want to find ways to remove those barriers, so that te mara o tane ( tane ’ s garden, our financial system ) can flourish. our mahi – whanaugatanga we recognise that iwi are already working tirelessly to address the challenges maori face in the financial world. just last month we published a review of maori financial services institutions and arrangements ( mcleod and lam, 2021 ). we discovered a broad range of innovative solutions to increase financial inclusions, literacy, and security for maori. initiatives such as collective marae insurance, and shared equity housing initiatives are helping more and more maori find success in the financial world. so while we work to remove barriers, we know we need to do so in open dialogue with maori, to ensure that we are providing a system that serves all of our communities. te ohanga maori in data while we continue to grow

controls. through fiscal consolidation and reinforcement of its fx reserves ( see figure 10a ), iceland has seen a steep drop in the perceived risk of the sovereign as reflected in cds spreads. furthermore, the sovereign has been able to tap foreign capital markets twice, for a total of 2 billion us dollars, and use part of the proceeds to repay a significant part of the loans associated with the imf programme ahead of schedule. fx reserves and other central bank fx assets currently cover scheduled sovereign foreign debt repayments beyond 2022 ( see figure 10b ). the balance of payments problem that the current controls on capital outflows are intended to address therefore lies elsewhere. it is best demonstrated by figure 11, which shows, on the one hand, liquid isk assets held by nonresidents, which amount to 22 % of gdp, and the old banks ’ isk assets, which will, in the absence of other action, accrue mostly to foreign residents and may be added to the overhang of potentially liquid offshore kronur. given that the underlying current account surplus is in the region of 3 – 4 % of gdp and that there are a lot of other debt repayments laying claims to it, it is clear that if these amounts were to be released overnight, we would be at risk of another currency crisis, with potentially significant financial stability implications. that is why these assets must be released after significantly reduced valuations in terms of foreign currency or must flow out over a much longer period. the more their value is reduced in terms of foreign currency, the faster can the controls be lifted. bis central bankers ’ speeches the icelandic authorities have a strategy in place to lift the capital controls gradually, as conditions permit, without unduly undermining exchange rate and financial stability. the strategy is currently under review. it is clear that the process will be significantly affected by how the krona problem associated the winding up of the old banks is dealt with, as an amicable solution could greatly expedite the removal of the controls. but the basic thinking will remain the same. the first element is to secure the framework conditions for lifting the controls, such as at least balanced public sector finances, an underlying current account surplus, and adequate fx reserves. all of this is either in place or well on its way. the second element is to put in place the economic policy frameworks and prudential rules that will make it possible for iceland to deal with the risks associated with free and volatile