for example, some empirical work by former deputy governor charlie bean suggests that setting bank rate around 200 basis points higher than it was over the over the period 2003 – 2006 would have reduced the growth in the ratio of household debt to gdp by just 2 percentage points from 2003 – 2007 at a cost of gdp growth over this period being 2. 6 percentage points lower ( bean et al 2010 ). • by contrast, the targeted nature of the tools available to the financial policy committee under the current institutional framework in the uk makes them a natural first line of defence for dealing with build - ups in financial system vulnerability while minimising the knock - on effects to the rest of the economy – as was recognised in the financial stability knockout built into the mpc ’ s forward guidance. these tools can be broken into two groups : – those that are intended to directly affect the build - up of imbalances : for example, the fpc ’ s ability to impose sectoral capital requirements and its power to limit loan - to - value and debt - to - income ratios in the residential housing market. – those intended to improve the resilience of the financial system in the event of shocks and thus reduce the severity of a cyclical downswing, including the power to affect bank balance sheets through a counter - cyclical capital buffer, and a leverage ratio. • the bank ’ s actions in the residential housing market in june 2014 provide an illustration of the benefits of directing targeted macroprudential policy tools at sectoral financial stability risks vis - a - vis raising interest rates. motivated by concerns over the growth of household indebtedness, the fpc recommended that no more than 15 % of mortgages originated could have a loan - to - income ratio above 4. 5. and in response to fears that households on variable rate mortgages could struggle to meet mortgage repayments if interest rates rose significantly in future, the bank recommended a minimum 3 percentage point interest rate stress be applied at origination. so in a first best world where the institutional set up and macroprudential tools are available, i would let them do the leaning first rather than bis central bankers ’ speeches wield the heavy hammer of monetary policy. so far, this is the approach we have taken in the uk. • let me finish with a few words on the development of macro - prudential frameworks across the globe. for the most part good progress has been made in setting up effective macroprudential frameworks at

bashkim nurboja : the number of businesses with women owners continues to increase speech by mr bashkim nurboja, acting governor of the central bank of the republic of kosovo, at the launch ceremony of two new guarantee windows for " women in business " and " start - up ", from the kosovo credit guarantee fund, pristina, 26 april 2023. * * * the honourable minister, the honourable mr. berisha, dear attendees, it is a special pleasure to be part of this ceremony that marks the seventh anniversary of the establishment of the kosovo credit guarantee fund, and also of the launch of two new guarantee windows, for women in business and start up. the kosovo credit guarantee fund, with the support of international friends and partners, within a relatively short period of time has managed to transform into a very important institution, playing a special role in increasing and facilitating financing for the country's economy. bank lending continues to be a very important and sustainable source of financing for the private sector in kosovo. the value of banking sector loans until february, 2023 has reached 4. 38 billion euros, marking an annual increase of 15. 1 %. although there is a satisfactory trend of credit growth in the country, the level of financial intermediation in kosovo should increase even further, and that in relation to the size of the economy, there is further room for expansion of lending activity, and especially for the inclusion of women in economic activities. a very important role in filling this space is played by the kosovo credit guarantee fund, which, through its guarantee mechanism, will enable the increase in lending and ease the conditions of access to credit. allow me to share with you some data from the banking sector ; the number of business accounts with women owners in the banking sector is 21, 247 compared to 104, 461 with men owners, or 17 percent of the total accounts, the value of deposits of businesses with women owners is 112 million euros or 7 percent of the total deposits of businesses from 1. 7 billion. the number of loans of women - owned businesses is 8, 185 or 25 percent of the number of business loans, compared to the number of loans of 24, 546 or 74 percent of businesses with male owners. meanwhile, the value of loans to women - owned businesses is 643 million euros or 29 percent of the total business loans of 2. 2 billion. therefore, the new guarantee window for women in business, in addition to being good news for new