øystein olsen : management of the government pension fund global introductory statement by mr øystein olsen, governor of norges bank ( central bank of norway ), at the hearing before the standing committee on finance and economic affairs of the storting ( norwegian parliament ), oslo, 30 october 2020. * * * please note that the text below may differ from the actual statement. the government pension fund global ( gpfg ) and the fiscal rule have long been important pillars of economic policy in norway, as the past year has clearly illustrated. it has been necessary to draw on the gpfg to finance the extra costs related to managing the covid - 19 pandemic. at the same time, wide swings in international equity prices have led to substantial volatility in the return on the gpfg. norges bank manages the gpfg with the objective of achieving the highest possible return over time within the mandate defined by the ministry of finance. the gpfg is to be managed within an adequate control and risk management framework and in a responsible and efficient manner with a high degree of transparency. the gpfg has a diversified portfolio of investments all over the world. this allows us to reap the gains from an upturn wherever it may occur and shields us from negative events in individual markets. however, we cannot protect ourselves from broad - based global downturns, as shown by the developments in the gpfg through 2019 and 2020. the return on the gpfg in 2019 was the second highest percentage return since 1998 and the highest measured in nok. but global equity markets fell abruptly in the first quarter of the year. the value of the gpfg's equity investments sank by over 20 percent, measured in international currency. central banks and authorities all over the world have responded forcefully to dampen the crisis. equity markets picked up. the gpfg posted a positive overall return in the first three quarters of 2020. equity market volatility is not new. the gpfg has a long - term investment horizon. history has shown that we are able to ride out temporary falls in value. measured over the whole period from 1998 to the third quarter of 2020, the annual net real return was 4 percent. as long - term interest rates are low, we cannot expect the return to be as high in the years ahead. the return on the gpfg is measured against the return on a benchmark index of global equities and

njuguna ndung ’ u : the importance of digital identity to kenya ’ s financial sector remarks by professor njuguna ndung ’ u, governor of the central bank of kenya, at the national digital registry service financial services sector consultation, nairobi, 23 october 2014. * * * ms. mwende gatabaki, director general, kenya citizens and foreign nationals management service ; mr. joshua oigara, chairman, kenya bankers association ; mr. habil olaka, chief executive officer, kenya bankers association ; distinguished ladies and gentlemen ; i am delighted to be here today at this important consultative meeting on the national digital registry service to the financial services sector. i am grateful for the invitation and at the outset let me register the central bank of kenya ’ s support for this important initiative. ladies and gentlemen : the national digital registry has three core objectives : • strengthening national security, reducing crime and improving safety. • driving efficiency, effectiveness and accountability in service delivery. • providing citizen centric services that are easy to access, available and affordable. more fundamentally, the register will capture details of people, land, assets and establishments. these are important objectives but of fundamental importance to the financial sector is the provision of a digital identity for individuals and corporate entities. identity is a prequisite for the stable, efficient, safe and inclusive financial sector that is envisaged pursuant to vision 2030. it is the process of identification and a host of menu services that can be included that makes an assurance of safety and accessibility of financial services. without identity, individuals and corporate entities cannot access the financial sector. in kenya, the use of the identification card has mitigated this challenge. however evolution in the financial sector and growth in fraud has posed serious challenges in the form of fraud perperated through identity theft. we need such a registry service as the repository institution for any verification and cross - checking. ladies and gentlemen : most businesses in kenya thrive in the informal market and lack the formal identity that is required to in particular access credit. these are mainly the small and medium size enterprises that drive kenya ’ s economic growth. these businesses lack the formal identity or track record that is required to access credit. for these businesses to grow to the next level, it is imperative that they acquire a formal identity and a documented track record. only then, will they be able to access credit and grow their business. but how do we make it easier for them to register formally? i leave