rasheed mohammed al maraj : building a sound framework for the fund management industry keynote guest address by his excellency rasheed mohammed al maraj, governor of the central bank of bahrain, at the fundforum middle east 2008 : " building a sound framework for the fund management industry ", manama, 2 december 2008. * * * ladies and gentlemen : i would like to thank the organisers of this second annual fund forum middle east for their kind invitation to speak to you today. my topic is “ building a sound framework for the fund management industry ”, and a sound framework involves both macro - economic and microprudential elements. the macro - economic elements are obviously the uppermost in everyone ’ s thoughts at the moment. the global financial and economic system is currently experiencing what is generally accepted are the worst conditions for the last 50 years. until only a few months ago, many commentators and analysts believed that the economies of the gcc would be an oasis of calm in the on - going financial turmoil. we also tended to hear a great deal about the so - called “ decoupling ” thesis. this was the idea that the emerging economies would continue their recent strong growth despite the economic downturn in europe and the united states. following the collapse of lehman brothers in mid - september we now know that these scenarios were too optimistic. it has become clear that no part of the world will be immune to the current crisis, and the imf expects that this will be the first time in fifty years that all of the advanced economies will experience a synchronized recession. this cannot fail to have an impact on the rest of the global economy. although the gcc countries enjoy strong fundamentals, we have not been immune to the credit crisis. one consequence of the financial market disruption in the wake of the lehman collapse was a substantial outflow of dollar liquidity from all of the emerging markets, including the gcc. the liquidity impact of the crisis has also combined with a general risk aversion which has had an adverse impact on the supply of credit to many emerging economies, including to the gcc countries. as a result of these global financial market developments there have been significant stock market corrections in several gcc countries. some gcc members have needed to provide support for banking sectors, in the form of recapitalization funds, or by providing blanket guarantees of the deposits, or by a combination of both. there is plenty of anecdotal evidence that the credit

tiff macklem : release of the financial stability report opening statement by mr tiff macklem, governor of the bank of canada and ms carolyn rogers, senior deputy governor of the bank of canada, at the press conference following the release of the financial stability report, ottawa, ontario, 9 may 2024. * * * good morning. i am pleased to be here with senior deputy governor carolyn rogers to discuss the bank of canada's financial stability report ( fsr ). part of the bank's mandate is to preserve and promote the stability of the canadian financial system. a stable and resilient financial system means people can access credit and manage their assets safely and predictably in good times and in bad. it also reduces the need for authorities to intervene in periods of financial stress. in short, a stable financial system is critical to canada's economic well - being. every year the bank publishes this report to offer an assessment of the stability of canada's financial system and highlight risks that could threaten that stability. to make the purpose of the report clear, we've changed its name, from the financial system review to the financial stability report. the canadian financial system is highly interconnected. stress in one sector can spread to others. so, the emphasis in the fsr is on risks that could ultimately affect the broader financial system and threaten its stability. the report focuses in particular on risks that evolve with developments in the economy. we look at risks that could lead to system - wide stress, in four key sectors : households, businesses, banks and non - bank financial institutions - such as pension funds, insurance companies and fund managers. there are also important risks that are more operational or structural in nature, such as cyber attacks and risks related to climate change. we typically will discuss those on the bank's financial system hub. but when major developments arise, they may appear in the fsr as well. so, what are the key messages from today's fsr? the first message is that canada's financial system remains resilient. over the past year, households, businesses, banks and other financial institutions have taken proactive steps to adjust to higher interest rates and to weather economic shocks. the second message is that this adjustment still has some way to go and continues to present risks to financial stability. i'll offer some context around this assessment and then the senior deputy governor will touch on the risks in different sectors. 1 / 3 bis - central bankers '