amando m tetangco, jr : the bangko sentral ng pilipinas and the philippine banking sector – sustaining financial stability amid global volatility speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the annual reception for the banking community, manila, 19 january 2016. * * * on behalf of the members of the monetary board, i thank all of you for joining us tonight for our annual reception for the banking community which brings together leaders and movers of our economy within this historic 400 - year old fort san antonio abad. this is a cherished tradition at the bsp – to recognize the value of our partnership in sustaining the growth of the philippine economy. this fort, an enduring symbol of centuries past, provides us a most fitting venue to reflect on the year just past and what lies ahead as we continue to move forward together. the year that was ladies and gentlemen, the philippine banking sector was again a source of strength and stability for our economy in 2015. sound, stable and liquid, our banks continued to be a major source of funding for our productive sectors and thereby helped generate jobs that support inclusive growth across the country. as of the third quarter in 2015, the asset base of the banking industry had reached over p11 trillion, growing over p1 trillion in 12 months, while continuously achieving higher prudential standards by keeping non - performing loans at low single digit - levels. ( 2. 3 % as of september 2015 ). the combined resources of the banking industry are sufficient to finance the requirements of the real economy. and with a continuing build - up in capitalization, our banking sector more than meets national and international standards. in fact, our semestral stress tests confirm further that bank capitalization stands resilient, even against extreme tail events. indeed, the numbers do speak for themselves. ladies and gentlemen. the sustained growth and stability of our banking sector in 2015 happened amid global financial turmoil. the much - anticipated fed lift - off finally took place last december, with interest rates moving up on signs of a gradual revival of the us economy. other concerns that made for a challenging 2015 were slowing inflation in the eurozone and japan, economic restructuring in china, and the sharp drop in oil prices. but despite all that, it was, on balance, another good year for our economy in general, and the banking sector in

lars nyberg : economic activity and housing finance in sweden speech by mr lars nyberg, deputy governor of sveriges riksbank, at a conference, in frankfurt am main, 4 june 2004. * * * i would like to begin by thanking you for the invitation to come here to frankfurt and introduce “ eurocatalyst investment focus : nordic covered bonds ”. i shall start with a few words about the riksbank ’ s activities. with the objective of maintaining price stability, the riksbank conducts a clear monetary policy with an inflation target of 2 per cent one to two years ahead, with a tolerance for deviations of plus / minus 1 percentage point. in addition, the riksbank has the task of promoting a safe and efficient payment system. as part of its work on carrying out these two tasks, the riksbank publishes an inflation report four times a year and a financial stability report twice a year. the most recent inflation report was published last week, while the latest financial stability report was published the day before yesterday. for those of you that are interested in economic and financial developments in sweden, i would recommend that you read both reports. economic activity everything i mention now about economic activity and the assessment of inflation is taken directly from the riksbank ’ s latest inflation report ( 2004 : 02 ), which was presented on friday, 28 may. in the report we forecast gdp growth in the oecd area to average around 3 per cent over the coming three years. with regard to the outlook for sweden, the riksbank foresees an average annual growth rate of almost 3 per cent in the coming years. looking at inflation prospects, the rate of price increases is expected to rise in the period ahead as resource utilisation increases in sweden and abroad. however, a continuation of relatively weak labour market conditions and a favourable cost situation mean that the rise in inflation is expected to be relatively moderate in sweden. our forecast in the report is for a risk - adjusted inflation rate of 1. 1 per cent one year ahead and 1. 8 per cent two years ahead, measured as und1x inflation. swedish housing finance on 1 july this year the act on issuing secured bonds ( 2003 : 1223 ) will come into force. one of the main incentives behind the new act is to offer swedish mortgage institutions the same favourable financing opportunities that these institutions face in european countries that have already introduced similar legislation. so will this new legislation result in a new financing structure