with the agenda of mainstreaming value - based intermediation. for the consumers, i hope that the financial assistance will not be seen as another handout, but instead, as a leg - up for them to start on their journey to improve their financial resilience. as a final message, i would like to encourage the continued advancement of local insurance solutions that are specifically tailored to the needs of malaysian consumers. it is crucial for insurance companies to underwrite policies that not only support local demands but also address risks unique to our domestic environment, which can 4 / 5 bis - central bankers'speeches minimise the need to source insurance products abroad. this will help provide support to the ringgit by reducing demand for foreign currency. moreover, the industry should prioritize investing in local assets within their portfolios to also support domestic investments. together, through these focused efforts, we can further strengthen the resilience of ringgit and foster resilient economic growth. as expectations of liam will continue to grow with the evolution of the industry, i am confident that liam will continually adapt and innovate to stay relevant. at the same time, i urge the industry to continue its pursuit of narrowing the country's protection gaps. on behalf of bnm, i would also like to thank liam for the leadership roles it has played, and for its support, as we strive to build a more inclusive, competitive and efficient insurance sector. conclusion as we are days away from the nation's 67th independence day, i would like to end with a reminder from the words of our nation's bapa kemerdekaan, yang teramat mulia tunku abdul rahman putra al - haj : " if we pull together and work together with the maximum of goodwill and harmony, there is no limit to what our people can achieve in the years to come. " it is with this spirit and with the words bismillahirrahmanirrahim, i hereby launch the liam's starter pack insurance fund. thank you. 1 insurance premiums divided by the country's gross domestic product 2 source : malaysian reinsurance berhad's malaysian insurance highlights 2024 3 according to data from ernst & young, as the resources required to continue at the current ( pre - disaster ) lifestyle exceed those available in case of disaster. source : malaysian reinsurance berhad's malaysian insurance highlights 2024 5 / 5 bis - central bankers'speeches

played by the “ shadow banking system ” in this crisis is an example of the consequences of circumventing regulations. is a combination of policy rate and regulation needed? i mentioned earlier that it seems as though more and more are advocating that something may need to be done when it seems as though a credit - driven imbalance is building up. i do not believe that the increasing popularity of this view has so much to do with the fact that the identification of an excessive credit expansion is now considered to be easier. neither is it because we have identified tools that can effectively and accurately brake an unsustainable credit growth. rather, i believe that it is due to society ’ s increased unwillingness to live with the real economic risks entailed by such imbalances. in other words, it stems from an increased acceptance of paying a certain price over the short term in order to reduce the risk of a particularly unfavourable outcome later on. however, the question remains of what this “ something ” that can dampen the build - up of imbalances could be. should we deploy the weapons of the policy rate, of regulations or of a combination of the two? the answer to this question largely depends upon the view taken of the efficiency of the policy rate and regulations respectively as regards dampening excessive credit growth. it also depends upon the consequences arising for inflation and the real economy in various time perspectives if the policy rate or regulation, respectively, are used. both the policy rate and regulations have their advantages and disadvantages. the policy rate is a blunt instrument in so far as it impacts all lending in the economy, which can be seen in the two interest rate equations for companies and households, respectively. it can require decisionmakers to make difficult choices and is a tough challenge to communicate. it is probably quite difficult to explain that the policy rate is being increased to safeguard stability in inflation and the real economy further ahead, even though everything looks good in a more short - term perspective. this task is not made any easier when policy rate increases impact sectors in which credit growth is not deemed to pose any problem. at the same time, the very bluntness of the policy rate is one of its strengths compared with regulations. as the policy rate impacts the cost situation in the economy in general, it is difficult to circumvent it in the same manner as regulations can be avoided. on the other hand, regulations can be applied in a more differentiated manner, which can mean that