jens weidmann : “ there is no point in trying to dress up the facts ” interview with dr jens weidmann, president of the deutsche bundesbank, in the neue zurcher zeitung, published on 26 september 2012. * * * in an interview with neue zurcher zeitung, bundesbank president dr jens weidmann explains why he was the only member of the ecb governing council to vote against the new bond purchase programme. he raises his concerns about monetary policy taking on fiscal tasks and draws conclusions for his own position. at spain ’ s bond auction last week, the yield on its ten - year government bonds stood at 5. 66 %, compared with 6. 65 % before the ecb announced its new government bond purchase programme. is the new programme such a success that it is already having an impact before it has even been implemented? the announcement has of course affected the markets ; other measures have had a similar impact in the past. no one would dispute that a central bank can temporarily influence yields by announcing its intention to intervene in the markets. but we cannot measure the success of central bank policy by short - term reactions on the markets. you were the only member of the ecb governing council to vote against the new programme. in the past it seemed that several other members of the governing council were also sceptical of government bond purchases. what changed their minds – suddenly leaving you in a minority of one? i ’ m sure i ’ m not the only member of the governing council who has misgivings about setting up a government bond purchase programme. although most council members backed the programme, i have the impression that some of my colleagues share my concerns. did you vote against the government bond programme on principle or because you believe that it simply won ’ t work? i see a number of arguments against the programme. they include stability policy principles and the question of whether the central bank has a democratic mandate for a measure of this kind. the programme spreads liability risk among euro - area taxpayers. that is something only parliaments are allowed to do, and the rescue packages are the right tools for the job. central bank funding must not become entrenched as a catch - all solution to all our woes. and then there ’ s the question of whether the programme ultimately does more harm than good. if central bank assistance eases the pressure on politicians to push ahead with reforms, that could hinder and delay the process of overcoming the crisis. and

lim hng kiang : brief review of recent financial and economic developments in singapore congratulatory remarks by mr lim hng kiang, deputy chairman of the monetary authority of singapore and minister for trade and industry, at deutsche bank's 35th anniversary, singapore, 13 feb 2007. * * * distinguished guests, ladies and gentlemen, good evening, i am delighted to be with you this evening to celebrate deutsche bank's 35th anniversary in singapore. i am very glad to note as well that today's celebrations is also marked by deutsche bank's move to one raffles quay, the newest address in our financial district. it is testimony of deutsche bank's continued commitment to singapore. set up in 1972, we have seen deutsche bank singapore grow in size over the years. it has also witnessed and participated in the economic transformation of singapore, from a trading hub in the 1970s, to a major metropolis today. we are indeed heartened that, 35 years on deutsche bank continues to see opportunities to deepen its roots here. just last week, deutsche bank announced its group performance for 2006 and i must congratulate dr ackermann and your team, for registering yet another record year for deutsche bank. today deutsche bank is represented in many of asia's financial markets. we are indeed pleased that deutsche bank had made singapore the hub for your regional operations. we noted that some 1600 people are involved in a broad scope of activities including trading, treasury and investment banking here. to accommodate this, i understand that deutsche bank's trading floor in this building is one of the largest in singapore. singapore's economic growth for 2006 continues to stay strong at 7. 7 %, with almost 170, 000 jobs created last year. our market indices have breached the 3, 000 point mark and our gdp per capita has exceeded us $ 30, 000. we are also witnessing the strong growth of asia propelled primarily by the two economic powerhouses of india and china. the economies in south east asian have seen a resurgence with countries like vietnam rushing forth and is one of the fastest growing economies in the region. trade and investments among asian countries, and between regions including the middle east and asia, have increased substantially. we have also seen substantial wealth creation in the middle east and asia. asia is estimated to have about 2. 4 million high net worth individuals with assets over us $ 7. 6 trillion and comprise almost 20 % of global high new worth wealth. this is projected to grow annually by