art security appliances and devices. in fact, a number of organizations with the most secure defenses have been subjected to cyber - attacks. more than a technical issue, cyber security should be a top priority concern by the board and senior management. cyber security initiatives and investments must be supported at the highest level of management to ensure their sustainability and adoption across all processes within organizations. as a wise man once said, it is the “ tone at the top ” that defines an institution ’ s cyber security culture. given the crucial role that the board and senior management play in creating a safe and sound cyber security regime, i am pleased to see that we have ceos, members of the board and senior management at this summit. this speaks of executives walking the talk bis central bankers ’ speeches on ensuring cyber security ; this also reflects a high degree of cyber governance in the financial services industry. you all deserve a round of applause. parting shots ladies and gentlemen. we are fortunate to have with us at this summit, distinguished experts on dealing with cybercrimes. also with us are industry players deeply involved in ensuring cyber security who will discuss current and emerging cyber threats confronting the financial services industry. also up for discussion are international best practices on cyber security management. let us therefore maximize the opportunities to be proactive, to inform and collaborate, and to remember that cybercrime is not merely a technical issue. these are the lessons of pin. indeed, there are many cyber challenges ahead of us. with this summit, i hope we can put our collective wisdom and expertise together to collaborate and develop comprehensive and united solutions for a safe, secure and healthy cyber environment. together, let us fight cybercrimes. our ultimate goal is to propel our financial sector forward to an environment where robust financial institutions reach out to the unserved and the underserved to achieve financial inclusion that promotes inclusive growth. maraming salamat. mabuhay ang ating mahal na bansang pilipinas! mabuhay po tayong lahat! bis central bankers ’ speeches

come real repo rate, per cent, quarterly mean values december february - 1 - 1 - 2 - 2 note. the real repo rate is calculated as a mean value of the riksbank ’ s repo rate forecast for the year ahead minus the inflation forecast ( cpif ) for the corresponding period. source : the riksbank overheating – not a risk at present the first risk thus relates to resource utilisation in the economy and the risk of overheating. as i have already said, weak economic development abroad is having a significant impact on the swedish economy. on the other hand, sweden is in a much better initial position than many other countries. sweden ’ s public finances are in good shape and, unlike some other countries ; sweden did not suffer a significant downturn on the housing market in connection with the financial crisis of 2008 – 2009. it is rather the case that the swedish economy grew so quickly during the major part of last year that there was a risk of overheating and rising inflationary pressures. the companies reported rising labour shortages, and other measures of resource utilisation in the economy also increased. there were periods during the year when several indicators were higher than normal. however, there has been a turnaround in these indicators over the last few months. company surveys show that labour shortages are no longer as acute in most sectors. capacity utilisation in the manufacturing industry has declined and is somewhat lower than the historical average. other indicators, such as unemployment and the employment rate, also point to more spare capacity than normal in the economy. my assessment was therefore in line with the overall analysis in the february monetary policy report, that is that resource utilisation in the swedish economy had declined and was below a normal level at the end of last year. this is shown in figure 8. i therefore think that there is very little risk of overheating at the moment. bis central bankers ’ speeches figure 8. resource utilisation lower than normal the riksbank ’ s ru indicator, standard deviation - 1 - 1 - 2 - 2 - 3 - 3 note. the riksbank ’ s indicator for resource utilisation summarises information from surveys and labour market data. it is normalised so that the mean value is zero and the standard deviation is one. source : the riksbank fewer risks of high inflation the second risk relates to the rate of inflation. cpi inflation was high last year, which could have led to