nsl policy. to enforce and further improve the nsl policy is a target clearly specified at the sixth plenary session of the 16th cpc central committee and in this year ’ s government work report. in the light of nsl policies and measures, further development of local student loans is an important step for the enforcement and improvement of nsl, an important component to establish and strengthen financial support system to students with financial difficulties, and also reflects the trend and future path for development of student loan business. i hope the pbc lanzhou sub - branch can take it as a good opportunity to carry out the work of student loans, further strengthen communication and coordination with the educational and fiscal authorities, enhance research and investigation, sum up experience and lessons in time, improve continuously institutional building and risk prevention mechanisms, so as to establish step by step a systematic and complete policy system of local student loans, and explore a long - lasting system of local student loans, for the benefits of students and families with financial difficulties in gansu province. valuable theoretical explorations and practical experiences should be studied to help relevant government agencies design relevant policies aimed to promote local student loans in the whole country. as a final note, i wish a healthy development of the financial sector in gansu province and greater achievement of student loan work!

provide an opportunity to re - evaluate economic capital at a later time. the financial system should therefore remain sound. many borrowers with foreign - denominated loans are in an extremely difficult position. their anger and disappointment are understandable. it is appropriate to point out, however, that although the method stipulated in the act on interest and indexation is not as beneficial to borrowers with foreign - denominated loans as the continued application of the foreign interest rates set forth in the original loan agreements – which some have demanded – it still improves the position of borrowers considerably, compared to the exchange rate linked loan agreements. implementation according to the act on interest and indexation therefore represents a compromise : it offers borrowers a more advantageous result than under the original loan agreements while protecting both the public interest and the interests of all debtors and taxpayers, who would have to bear the expense if the most extreme demands of some groups were to be met. the main point is, however, that this approach is enshrined in the law, in the opinion of the supervisory bodies concerned, and is necessary in order to preserve financial stability. risk is always present in any nation ’ s financial system, and it can never be totally eliminated. uncertainty about the interpretation of this supreme court decision represents substantial additional risk. the positive side of the situation is that supervisory bodies, the government, and the legislature can limit this risk to a considerable extent if they respond appropriately. to simplify somewhat, it can be said that the economic programme pursued by the government with the support of the international monetary fund aims to restore trust : trust in the sustainability of public sector finances, trust in the stability of iceland ’ s financial system, and trust in the stability of the icelandic krona. these three elements of trust are so closely intertwined that if one of them fails, the other two are unlikely to remain intact. the past several months have seen a number of positive developments. the krona has appreciated, broad - based fiscal consolidation plan has been implemented, and the reconstruction of the financial system is proceeding apace. we must not sacrifice these improvements for momentary popularity. consequently, supervisory bodies, governmental authorities, and the legislature must do everything in their power to ensure that these achievements are not squandered. there is good reason to take a closer look at what is at stake. many of the world ’ s nations are on the brink of a sovereign debt crisis. iceland has been among them but is well on the