for investment in “ first - class ” foreign securities, primarily french, german and uk government bonds. high inflation in the wake of world war i reduced the real value of the fund by half, and the fund was discontinued in 1925. 27 some would argue that investment in government bonds provides “ risk - free returns ”. in the context of current developments in the euro area, it might be more accurate to refer to this form of investment as “ return - free risk ”, to quote yngve slyngstad, the ceo of norges bank investment management. a third form of investment is the oil fund ’ s direct purchases of real estate, so far in london and paris. we buy large stakes – usually between 25 and 75 per cent – in large real estate projects. 28 as a long - term investor, we hope to reap returns in this market as well. a large investor with a long - term perspective when we buy interests in a company both ethical and economic considerations come into play. there are companies in which we do not invest. companies that produce weapons in violation of fundamental humanitarian principles and companies that produce tobacco are excluded. corruption or contributing to severe environmental damage may also lead to exclusion. about 50 companies are excluded. 29 there is often the dilemma of whether we should withdraw entirely from a company or enter into dialogue. if we withdraw, we lose a channel of influence. see credit suisse global investment returns yearbook 2011 : https : / / infocus. credit - suisse. com / app / _ customtags / download _ tracker. cfm? dom = infocus. credit - suisse. com & doc = / data / _ product _ documents / _ shop / 300847 / credit _ suisse _ global _ investment _ yearbook _ 2011. pdf & ts = 20110326172226 private investors, with shorter investment horizons, should have lower allocations to equities. for more about the government pension fund global ’ s investment strategy, see the nbim website : http : / / www. nbim. no / en / investments / aanund hylland ( 2005 ) : “ statens reservefond 1904 – 25. et forsøk pa a binde politisk handlefrihet? [ the government reserve fund 1904 - 25. an attempt to bind the political room for manoeuvre? ] ”, norges bank penger og kreditt, no. 3,

zeti akhtar aziz : migration to e - payments keynote address by dr zeti akhtar aziz, governor of the central bank of malaysia, at the payment systems forum and exhibition 2005, kuala lumpur, 28 november 2005. * * * bismillahhirrahmanirrahim distinguished guests, ladies and gentlemen, it is my pleasure to welcome all of you to the payment systems forum and exhibition 2005. the theme of this inaugural forum is the " migration to e - payments " with a focus on the issues and challenges in the transition from paper - based payments to electronic payments in malaysia. the issues that need to be addressed for a nation to effectively migrate from paper - based payment instruments to electronic means of payments are multi - faceted. this will require changes in the infrastructure and business processes, developing and sustaining users'confidence and inculcating a change among all the relevant stakeholders, including the service providers and the customers. our objective is to transform the payments system into one that is competitively leveraged on a modern market - based system. indeed, this will need to be achieved by the cumulative efforts of all parties involved, including the industry and the authorities. this forum and exhibition has, therefore been organised to provide a platform to discuss the range of significant issues and challenges in achieving the common vision of migrating to e - payments in malaysia and to increase public awareness of the various payment channels available in the market today, as well as to discuss views on the development of services and infrastructure for the next generation of systems. the forum is designed to encourage active dialogue and deliberations from the different perspectives, notably between the service providers and the users. the dialogue will also serve as a platform to discuss how the industry may effectively operate in the context of the prevailing regulatory environment, policies and practices. from the regulators'perspective, the aim is to develop an enabling environment to facilitate and foster greater use of more efficient payment mechanisms in malaysia. ladies and gentlemen an efficient, reliable and secure electronic payment system is critical to the soundness of the financial system, the efficiency of the financial markets and the economic growth and development process. with the rapid technological advancements and increasing consumer demands for more efficient delivery services, the malaysian financial landscape has continued to transition towards the increased significance of an electronic payment systems and channels. despite the progress that has been achieved, malaysians however, remain high users of currency notes and coins, with the currency - incirculation amounting to about 6. 4 % of