due to the transfer of the currency fund from bccs. all other assets and liabilities of bccs as at 30 september 2002 were similarly transferred to the mas and have been incorporated into our financial statements. the net assets of the currency fund at the end of the financial year provided 112 per cent asset backing for the currency in circulation of s $ 13. 8 billion. mas ’ profit after provisions for the financial year ended 31 march 2003 declined by 2. 8 per cent to s $ 623 million as our investments continued to be affected by the low global interest rate environment and volatile financial markets. conclusion in closing, let me restate mas ’ s priorities going forward. supporting economic growth while maintaining domestic price stability will remain the key focus of monetary policy. in the financial sector, we will continue to partner with industry players to build on our successes in key growth areas like asset management, the debt market, and treasury business, while looking out for new niche areas and opportunities. we will continue to refine our regulatory and supervisory framework as we progressively shift the emphasis from a rule - based regime to a risk - based and disclosure - based approach. this is necessarily work - in - progress, as it will take several years of learning and adaptation by mas, financial institutions, and market participants. but achieving this is an important part of ensuring that singapore remains a resilient, competitive, and dynamic financial centre. thank you very much. my colleagues and i will be pleased to take any questions that you may have.

14. 10. 2019 financial stability situation in spain x financial sector meeting / expansion - kpmg pablo hernandez de cos governor good morning ladies and gentlemen. let me first thank the organisers for inviting me to participate in this tenth edition of the financial sector meeting. on this occasion my address will focus on the banco de espana ’ s assessment of the main factors of risk to financial stability at present, the potential impact on deposit institutions and the tools available to the banco de espana and the other authorities to mitigate such risk. assessment of the balance of risks to financial stability the balance of risks to the spanish financial system ’ s stability has worsened somewhat in the past six months. this has been due in particular to the downward revision of the global economic outlook. indeed, global gdp growth continued to ease, to a year - on - year rate of 2. 8 % in 2019 q2, more than 0. 5 pp lower than a year earlier. this slowdown is particularly affecting some emerging economies and europe. moreover, growth projections have been revised downwards in recent quarters in most economies. in fact, the increase in global gdp this year is expected to be the lowest since the international financial crisis. this downturn in activity has likewise affected the spanish economy. as a result, the banco de espana revised its growth projections for our economy down last september, to 2 % in 2019, 1. 7 % in 2020 and 1. 6 % in 2019. in addition to this baseline projections scenario, a series of risks persist in the geopolitical and economic policy areas. should these risks materialise, they might bear down even further on future growth. at the global level the us - china trade conflict, prompting increases in the maximum tariffs applicable to specific products, continues to be the main source of uncertainty. these disputes, which feed through to all countries through global value chains and which especially affect europe owing to its high degree of openness, are exerting a significant adverse impact on trade and putting back investment projects. regionally, the risk of a no - deal brexit has increased and germany is on the verge of an economic recession. in spain, uncertainty persists over the future course of economic policies, a situation which should be resolved following the general elections in november. flatter economic activity and the potential materialisation of geopolitical risks may have implications for financial stability through various channels. firstly, this may lead financial market players to reassess their perception of risk. that would