being said, we have not found much evidence pointing to credit supply or the operation of the measures themselves as being a key driver of broader mortgage and housing market activity through 2020. while there was tightening in credit criteria earlier in the year, consistent with a more conservative risk appetite on behalf of lenders, the impact of the health restrictions on activity in the market appears to have been more 2 / 4 bis central bankers'speeches of a key driver in overall mortgage credit developments. taking a longer perspective, it is clear the mortgage measures have meant we were in a better position going into the covid - 19 shock than the previous financial crisis. the benefits of the measures are most evident in times of stress. we can see from our analysis of the initial payment break data that borrowers with mortgages issued at lower loan - to - income values were less likely to be in financial distress. we examined whether a temporary loosening of the mortgage measures might be appropriate to guard against any potential tightening in credit supply by lenders. however, the effectiveness of any such action hinges on the drivers of tighter credit supply. as the measures only provide a floor to underwriting standards any loosening would be unlikely to be effective in offsetting tightening decisions by lenders which predominantly reflect changes in their own risk appetite. more broadly, given the underlying demand - supply imbalance in the current housing market, additional debt would likely lead to greater pressure on house prices and potentially exacerbate affordability issues in areas of high housing demand, with associated adverse implications for bank and borrower resilience. as a community, we continue to grapple with fundamental challenges of sustainability, affordability and delivery of appropriate housing supply to meet the needs of home - owners and renters across the private and social domains. the mortgage measures help by ensuring unsustainable lending practices do not exacerbate these challenges. we want the measures to continue to enable sustainable mortgage lending in the irish housing market. as both irish and international experience has shown, a fully functioning and sustainable housing market is not achieved by excessive leverage in the household sector and imprudent lending standards by banks. at this event last year, i outlined a three - pillar approach for developing our macroprudential framework to bolster resilience covering banks, borrowers and the area of markets - based finance. our response to covid - 19 has necessarily focused attention in 2020 on ensuring the financial system uses the resilience built - up in recent years to

the coin money tree that had coins which could be detached from its branches or used as an entire “ money tree ”. in other cases it is the name of a coin that became adopted by different societies. the “ leeuwendaler ” ( “ lion dollar ” ), which circulated in the dutch colonies such as new york, ended up as the official us currency after the war of independence from britain. the same dutch coins were also common in the malay archipelago, but only in brunei has the dollar survived as an official term for the currency. in malaysia, the old british unit of the “ shilling ” lived on long after it ceased to exist in the united kingdom. there is no end to the links that can be found between the different countries and their coinage. nusantara was at the centre of this international network, leaving us with a diverse inheritance of numismatic material. much of the physical evidence of this global trade has, however, been lost. evolution is an intrinsic part of the nature of money ; coins have been melted down, misplaced or sometimes incorporated into other items such as jewellery ; banknotes have been destroyed. we are left with shipwrecks as some of the most useful sources information on the money that was in circulation in our history. what remains is a faint reflection of the millions – literally – of coins that once circulated in the archipelago. some are of the highest rarity while others may not be. bank negara malaysia has for many decades been a custodian of local numismatic heritage, resulting in an unrivalled collection of malaysian coins and banknotes. this is a natural role for a central bank to adopt. bis central bankers ’ speeches we would like to thank the input of private collectors such as mr. william barrett, whose passion for nusantara numismatic material has produced the core of the present exhibition. “ knowing nusantara ” is the first numismatic exhibition of this nature to be held at bank negara malaysia. it looks back over a very long time period, and encourages us to look into the future as well. the changes that have taken place during two millennia have been substantial, including the introduction of paper money and the end of precious - metal coins in circulation. these are insignificant in comparison with the developments of the recent decade. the future is cashless. some time in the future, the present contents of our purses and pockets will seem as quaint as some of the contents of