richard w fisher : of moose and men ( with no reference to steinbeck ) remarks by mr richard w fisher, president and chief executive officer of the federal reserve bank of dallas, before the national association for business economics, dallas, texas, 12 september 2011. * * * the views expressed by the author do not necessarily reflect official positions of the federal reserve system. thank you, pat [ faubion ]. thank you all for inviting me to speak at this national association for business economics ( nabe ) annual meeting. the federal reserve bank of dallas has long been involved with nabe. our director of research and my trusted senior policy advisor, harvey rosenblum, is a former nabe president ( 2001 – 02 ). another of my policy advisors, tom siems, is a two - time winner of nabe ’ s edmund a. mennis contributed paper award. and ken rogoff, winner of this year ’ s adam smith award, is a member of the dallas fed ’ s globalization and monetary policy institute advisory board. i benefit greatly from the insights of these talented people, as well as those of mine yucel and roberto coronado, who are also speaking to you at this conference, and one of my mentors, our dallas fed board chairman, herb kelleher, who entertained you at lunch. herb may be the only person on the planet who discovered the formula for making a retail business with high fixed costs and intense regulatory oversight not only fly but soar ; his insights into how the economy works in practice, as opposed to theory, are invaluable. i am pleased that dick berner, a former nabe president now at treasury, running the office of financial research, is here. i believe it was dick who, during a round of golf at jackson hole [ wyo. ] long ago, told me the bad joke about the fellow who suggested that a moose crossing sign be moved because “ there is too much auto traffic where the sign is currently located. ” i also see bill dunkelberg, another former nabe president, who has been most generous in sharing with me and my staff his understanding of the whys and wherefores of small business, an important input into the way we look at things at the dallas fed. there are many others here today whom i would acknowledge if time permitted, but i ask their forbearance so that we can get down to business. as learned economists, you are fully aware

guy debelle : enhancing information on securitisation address by mr guy debelle, assistant governor ( financial markets ) of the reserve bank of australia, to the australian securitisation forum, sydney, 22 october 2012. * * * thanks to christian vallence and david olivan for their help. today i would like to do two things. firstly, i will discuss the current state of play in the securitisation markets. then i will describe some prospective changes to the reserve bank ’ s repo - eligibility criteria for asset - backed securities. these changes will improve the information available to the market about australian asset - backed securities. the current state of play i have noted on several occasions at this forum that securitisation markets were likely to take a considerable period of time to adjust to the post - crisis environment. more than five years on since the first wave of investor concerns about structured finance, securitisation issuance is still struggling to recover in most countries. graph 1 in the us, new issuance in 2012 to date is a little over half the level seen since issuance peaked in 2006 ( graph 1 ). rmbs issuance is still exclusively by the government - sponsored enterprises. private - label issuance of rmbs remains dormant. some other segments of the market appear to be recovering, particularly securities backed by auto loans and credit card receivables. australian issuers are tapping this segment of the us securitisation market, as are some european issuers. in europe, issuance sold into the market has been negligible since 2008. there has, however, been a large number of securitisations put together that have been retained on the balance sheet of the issuer for use as collateral with the ecb and the bank of england ( graph 2 ). bis central bankers ’ speeches graph 2 in australia, rmbs issuance in 2012 has recovered to the point where new issues are replacing maturing issues so the stock outstanding is no longer declining ( graph 3 ). the issuance in the year to date has totalled $ 10 billion. by way of comparison, in the second quarter of 2007, at its peak, issuance amounted to $ 25 billion. given we are now five years on from that, and although amortisation rates have slowed somewhat from their pre - crisis rate of around 20 per cent per annum, only around 10 per cent of the pre - crisis issuance remains outstanding. most of the