savenaca narube : brief look at the commercial banking sector in fiji opening address by mr savenaca narube, governor of the reserve bank of fiji, at the official opening of bank of south pacific limited, suva, 18 december 2006. * * * your excellency, mr. peter eafeare mr. noreo beangke, chairman bank of south pacific mr. garth mcllwain, managing director bank of south pacific mr. kevin mccarthy, general manager, papua new guinea mr. greg watson, general manager, fiji mr. irfan rabbani, habib bank limited distinguished guests ladies and gentlemen : i am glad to be here this morning and thank you for the invitation to the official opening of the bank of south pacific branch in fiji. it is always pleasing to see a new bank join the financial sector in fiji. over the years we have seen several banks come and go. this of course is a commercial reality. i am particularly glad that the new entrant that we are welcoming today is a strong regional bank. it is also encouraging that, in our current political climate, the bank of south pacific has decided to go ahead with its plans to enter fiji. i warmly congratulate you on this new venture and wish bank of south pacific limited all the best in your operations in fiji. fiji is going through some turbulent times. we in the reserve bank of fiji have moved quickly to safeguard financial stability. we have asked the commercial banks to freeze their loan books. we have tightened exchange controls. but let me explain here that we have not stopped any foreign transactions. we have just asked the commercial banks that they seek our approval first before they make these deals. i must thank the commercial banks for their support and cooperation for the measures that we have put in place. bank of south pacific limited has a long history of banking in papua new guinea going back as far as 1957. bsp is listed on the port moresby stock exchange and has 54 percent market share of the total assets of the papua new guinea banking system making it the largest bank in the country. it operates a network of 39 branches across papua new guinea and one branch in niue. bsp is increasing its overseas presence – here in fiji today and in the solomon islands. bsp has satisfied all the licensing requirements of the reserve bank of fiji and we are pleased to issue the bank with a licence. with the commencement of bank of south pacific limited ’ s operations

klaas knot : introductory remarks - ecb fifth macroprudential policy and research conference introductory remarks by mr klaas knot, president of the netherlands bank, at the european central bank fifth macroprudential policy and research conference, jointly organised with the international monetary fund, frankfurt am main, 17 october 2023. * * * many thanks for the kind introduction, tobias. it is a pleasure to be here. i have little time to cover a fascinating and complex topic, so let me focus on just a few high level issues regarding the effective use and the challenges of macro - prudential policy. we tend to forget that macro - prudential policy is still a relatively new field of work that originated from the great financial crisis. at that point in time, we first needed to design tools to fix the faultiness in the system. the focus then shifted from design to implementation. the challenges of macro - prudential policy are therefore evolving. and now we are at a stage where the onus lies on actually using the tools and to evaluate their effectiveness and efficiency. including in the face of new risks. so what i intend to do in my opening remarks is to first discuss some of the challenges in implementing the existing macro - prudential toolbox, where i will mainly draw on our experiences within the eurosystem. i will then move on to the new frontiers of macroprudential policy development, which are arguably global in nature and where the fsb, jointly with the imf, has a leading role to play. challenges on the challenge of using macro - prudential tools, there is still room for improvement. for instance, euro area jurisdictions differ in how they apply macro - prudential tools in practice. in europe, we have a harmonised framework for identifying d - sibs. there is however no further guidance on buffer calibration. as a result, two banks with similar scores for indicators of systemic importance such as size - to - gdp, interconnectedness, and lack of substitutability, can end up facing quite different requirements. most big banks in the euro area fall in a range of d - sib allocations of roughly 1 - 2. 5 % of risk weighted assets, but some allocations bear no apparent relationship to the scores that were assigned. i think it is important to further investigate such heterogeneity and what mechanisms could be put in place to correct for this in order to ensure