the first issue only last week, following the passage of enabling legislation in october. so nearly all the secured issuance this year has been in the form of mbs. bis central bankers ’ speeches credit growth in australia, while slow relative to recent australian history, has outstripped that in the other three regions ( graph 5 ). but it is apparent from the australian data that total wholesale issuance is broadly the same in 2011 as it was in 2007, and hence a smaller share of overall funding, with deposits accounting for the difference. graph 5 differences in central bank support the nature of central bank support has also had an influence on the developments in bank funding. the balance sheets of the fed, ecb and bank of england have increased significantly since 2007. the ecb ’ s balance sheet has approximately doubled, while those of the fed and the bank of england have roughly tripled over the past four years ( graph 6 ). the reserve bank of australia ’ s balance sheet, while increasing in 2008, 4 is smaller than it was in 2007 ( reflecting the withdrawal of deposits at the rba by the future fund to invest in a broader range of assets ). graph 6 see the “ operations in financial markets ” chapters in the reserve bank of australia annual reports of 2009 and 2010 for more discussion. bis central bankers ’ speeches in the us, the fed ’ s program of quantitative easing has injected a large amount of liquidity into the banking system. moreover, the fed ’ s program of asset purchases has included over us $ 1 trillion of mortgage - backed securities. similarly in the uk, the bank of england has conducted a large asset purchase program. it has also provided support to the banking system through the special liquidity scheme, whereby banks were able to exchange mbs or covered bonds for treasury bills to more easily obtain liquidity in the market. at its peak, £287 billion of securities were exchanged for £185 billion of bills. drawdowns under this scheme closed in january 2009, and a large part has been repaid this year with the remainder to be repaid by january 2012. in europe, the ecb has assisted bank funding through its fixed rate full allotment liquidity provision operations. this has enabled banks that are having difficulties obtaining funding in the market to borrow from the ecb against acceptable collateral at the ecb ’ s policy rate for terms of up to one year or so. as mentioned above, some of this collateral has taken the form of secured iss

can do. the program “ banking on your future ” is therefore an important component of our economic and financial education program. the support of the banking sector for this program is essential as you are the practitioners and therefore the ideal mentors to work with the youth regarding financial education. the key is knowledge sharing. we do look forward to banks and its branches to get involved in their neighbor elementary schools to mount parallel financial education activities and to reward best performing schools and students with prizes including savings account. the idea is to make it hip and cool for our students to have savings account that they can nurture and grow. this way, they develop the habit of saving on a regular basis. aasahan po nang ating mga kabataan ang programang ito, kasama na ang ating mga bisitang mag - aaral mula sa aurora a. quezon elementary school. there are about 38, 000 elementary schools there are about 7, 000 bank offices and branches. i hope we can cover most, if not all of these schools. ladies and gentlemen. the 16th anniversary of the bangko sentral ng pilipinas also coincides with the celebration of national savings consciousness week. for this year, our theme is particularly appropriate : “ kinabukasan siguruhin, pag - iimpok ugaliin. ” it is only fitting therefore that together we launch the program “ banking on your future ” on this auspicious day. mabuhay ang philippine banking sector! mabuhay ating mga kabataan! maraming salamat po sa inyong lahat.