ariff ali : launch of the personal property securities registry as part of economic reform plan opening remarks by mr ariff ali, governor of the reserve bank of fiji, at the launch of the personal property securities registry, suva, 31 may 2019. * * * mr masayuki tachiiri, regional director, pacific subregional office, asian development bank ; your excellency mr john feakes, australian high commissioner to fiji ; mr jonathan rowe, counsellor ( development ), new zealand high commission ; representatives of government, and licensed financial institutions ; invited guests ; members of the media ; ladies and gentlemen ; introductory comments bula vinaka and a very good morning! it gives me great pleasure to welcome you to this very special occasion, as we acknowledge an important milestone in our financial inclusion and development journey. i specifically thank our donors and stakeholders for availing their time to be with us today. i would first and foremost, seek to offer our sincere gratitude to some key stakeholders, who through their foresight and tireless efforts have enabled us to be launch this personal property securities registry today. i therefore acknowledge the vision of our former governor, mr barry whiteside for initiating and driving the establishment of a framework to look at reforming our secured transaction framework. his vision was supported by the willingness and assistance of the offices of the adb pacific private sector development initiative ( psdi ), the solicitor general ’ s office, and our hard working team here at the rbf. i therefore sincerely thank all subject matter experts and technical officers who contributed to this initiative. in particular, i would like to convey my special thanks to peter dirou, terry reid, anthony frazer, and simon thompson from the adb psdi team, john kimbler from paradigm applications ( software vendor ), dsg ms tracy wong and glenys andrews ( sgo ). however, the project could not have effectively reached this stage without the support of our licensed commercial banks and credit institutions, so the “ buy - in ” we obtained from these industries to embrace the initiative, and be willing partners in a larger agenda of unlocking the potential of the sme sector in fiji, is very much appreciated. our journey we embarked on this reform journey a little over five years ago to this day, in a bid to enhance access to finance and stimulate economic activity, but recognised earlier on that the legal framework and its related procedures were inhibitive for lenders to confidently provide finance based on moveable property pledged as

pablo garcia silva : changing landscape - the role of the insurance sector in meeting emerging economic and social challenges welcome remarks by mr pablo garcia silva, deputy governor of the central bank of chile, at the annual conference of the international association of insurance supervisors ( iais ), organised by the financial market commission ( fmc ), santiago, 10 november 2022. * * * this year´s conference is on the role of the insurance sector in meeting emerging and economic and social challenges. this is quite appropriate, as past are the days when longevity risk, low interest rates, anemic growth and secular stagnation seemed to be the main concerns of the insurance industry. recent years have put significant stress on global capital markets and on the insurance industry, through high inflation and disruptions in financial markets. looking ahead, supervisory and regulatory authorities need to be on top of these developments to adapt accordingly. the external macroeconomic scenario has evolved negatively in recent months, and risks for global financial stability remain high. a sharp rise in inflation - to which the russia - ukraine conflict has certainly contributed - has required a decisive response from central banks, which have had to raise their monetary policy rates considerably. global growth outlook has weakened, with increasing risks of a global recession in 2023. thus, financial conditions and liquidity have tightened. the fed's toughening tone and decisions - and the uncertain future trajectory of its policy - have propitiated a cycle of global strengthening of the dollar and increased the sensitivity of the financial markets to new developments. most central banks have continued and / or accelerated their interest rate hikes, with the fed's actions standing out. this has further tightened financial conditions, especially for emerging economies. overall, risk aversion has increased, affecting asset prices and volatility in global financial markets. risk premiums have increased : higher cds spreads across latam and other emes as well as higher interest rates. higher market volatility : option implied volatilities have increased during this calendar year, both in the us stock and bond markets. the tightening in global financial conditions is also apparent domestically. in the case of chile, we have had a persistently weak exchange rate along with high 2 fx and interest rate volatility. during this year, the clp has depreciated 15 % and long - term interest rates ( bcu10 ) increased 26bps. in contrast to pre - 2019 situation when chile ranked low in long term interest rate volati