r gandhi : nbfcs – medium term prospects speech by mr r gandhi, deputy governor of the reserve bank of india, at the 1st nonbanking financial companies ( nbfcs ) summit, organized by the confederation of indian industry, mumbai, 21 december 2015. * * * assistance provided by shri c d srinivasan and shri anuj sharma is gratefully acknowledged. 1. i am happy to be addressing this first ever cii summit on non - banking financial companies ( nbfcs ) to deliberate on “ regulatory paradigm & contours of growth – vision 2020 ”. the context in which such a summit has been organised is also very apt. world over, there is an awakening, post the great financial crisis of 2008, about the existence, contribution, magnitude, significance and risks of non - banking financial sector. from a benign neglect of or indifference to this sector, either by default or by deliberate choice, the world has now become anxious and seriously concerned about it. this awakening has resulted in enhanced attention, monitoring and regulation of this sector. therefore, it is very apt that the sector has also noticed it and desires to seriously discuss its prospects in the changed scenario and realign itself with a renewed vision. global shadow banking monitoring report of fsb – 2015 2. the financial stability board ( fsb ), came into existence post financial crisis, when the leaders of the g20 countries decided to convert the then existing financial stability forum into fsb to address vulnerabilities and to develop and implement strong regulatory, supervisory and other policies in the interest of financial stability. the fsb has been monitoring the shadow banking sector closely for the past five years and publishing its monitoring report. i will like to highlight some of the key findings from its latest report, as they will provide a worthwhile background setting for your deliberations today. 3. the 2015 report of the fsb presents the results of the fifth annual monitoring exercise using data as of end 2014 for 26 jurisdictions, which together account for about 80 % of global gdp and 90 % of global financial system assets. the report includes the results of the macro - mapping, including size and growth trends of the monitoring universe of nonbanking financial institutions ( munfi ) estimate, cross - jurisdiction analysis, trends in subsectors and interconnectedness with the banking system. it also discusses a narrower measure of shadow banking, which is constructed by filtering out non - bank financial activities that have no direct relation to credit

mr. thiessen discusses international developments and the prospects for the canadian economy notes for remarks by the governor of the bank of canada, mr. gordon thiessen, in saint john, new brunswick on 5 / 2 / 98. a year ago, in early 1997, prospects for global economic growth were very promising. world economic activity had strengthened and was expected to accelerate further, with the benefit of low inflation, reduced fiscal imbalances, and stable or declining interest rates. in canada too, output and employment growth had picked up. and the economy was expected to gain momentum in 1997, supported by strong us demand and the lowest domestic interest rates in many years. low inflation and a dramatic improvement in our fiscal situation had made those low interest rates possible. today, the views about the global economy are more mixed. the buildup of events in asia since last summer has cast a cloud over the economic picture. the international monetary fund ( imf ) and the organisation for economic co - operation and development ( oecd ) have scaled back their projections for world economic growth this year. in early december, they suggested that global output growth could be ¾ to 1 percentage point slower in 1998 than previously expected. but the news on the external side is certainly not all negative. there have also been some positive surprises recently. for example, the underlying economic momentum in our major trading partners, other than japan, looks to be stronger than expected a few months ago. and longer - term interest rates have been declining in most industrial countries, which should help underpin global economic expansion. today, i would like to give you an update on the canadian economy and discuss the prospects for the period ahead in light of the latest international developments. my conclusion and main message is that, even with the current uncertainties on the external horizon, canada ’ s economic outlook remains positive. an important basis for this conclusion is that the underlying foundations of the canadian economy are sounder than they have been for many years. thus, we are in a better position to weather the impact of unexpected international developments and to make progress in generating higher incomes and employment. how did we do in 1997? let us start with a quick look at our economic performance in 1997. based on the most recent information available, the bank of canada estimates that the canadian economy expanded at a rate of about 4 per cent from the fourth quarter of 1996 to the fourth quarter of 1997. exports were the mainstay of the economic recovery until mid - 1996 ;