opening statement by tiff macklem and carolyn rogers governor and senior deputy governor of the bank of canada press conference following the release of the financial system review june 9, 2022 ottawa, ontario good morning. i ’ m pleased to be here with senior deputy governor carolyn rogers to discuss the bank of canada ’ s financial system review ( fsr ). the fsr is our annual assessment of the key vulnerabilities of and risks to the canadian financial system. our goal in identifying these is to help households, the private sector, financial authorities and governments take actions to reduce them. we have just come through the biggest shock i hope any of us ever have to face — two years of a pandemic and unprecedented economic and social upheaval. we are pleased to report that our financial system is strong and weathered the crisis well. now, the global economy is dealing with a new set of challenges : high inflation, rising interest rates, russia ’ s unprovoked invasion of ukraine and financial market volatility. so this is a good time to discuss existing and emerging vulnerabilities and risks. in nearly every fsr, we warn about the high debt that many canadian households are carrying, and we warn about elevated house prices. those are not new vulnerabilities, but the pandemic has affected them. over the course of the pandemic, household balance sheets shifted as both spending and incomes adjusted. on average, household wealth increased as a result of rising asset values, including real estate, and markedly higher savings. this improvement, and the rise in savings in particular, is remarkable considering the devastating and lasting impacts the pandemic could have had. but to assess vulnerabilities we need to look beyond the average and examine the distribution of changes across households. what we see is that, even as the average household is in better financial shape, more canadians have stretched to buy a house during the pandemic. and these households are more exposed to higher interest rates and the potential for housing prices to decline. two - thirds of canadians are homeowners. just under half own their home outright, and the rest have a mortgage. of those, 70 % have a fixed - rate mortgage that is not immediately affected by higher interest rates. the other 30 % — or 10 % of canadian households — have a variable - rate mortgage. throughout the pandemic, a growing number of canadians took out mortgages that were very large relative to their incomes

benjamin e diokno : opening remarks during the signing of the establishment of a supervisory college for financial conglomerate supervision opening remarks by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), during the signing of the multilateral mou on establishment of supervisory college for financial conglomerate supervision, manila, 24 january 2022. * * * good morning. it is my pleasure to welcome our financial sector forum principals, emilio aquino, chairman of the securities and exchange commission ; dennis funa, commissioner of the insurance commission ; and sandra diaz, senior vice president of the philippine deposit insurance corporation to witness another momentous event for the forum. in line with the principles for the supervision of financial conglomerates of the basel committee on banking supervision, the financial sector forum created the financial conglomerate supervision committee which is tasked to work towards identifying conglomerate risks in the financial system ; and to plan ahead supervisory initiatives to mitigate conglomerate risks. the basel principles highlight, among others, the need for a clear legal framework that provides supervisors with the necessary powers, authority and resources to perform, with independence and in coordination with other supervisors, comprehensive group - wide supervision. the principles re - affirm the importance of supervisory cooperation, coordination and information exchange. in the 2020 financial sector assessment program technical note on supervision and regulation of financial conglomerates, the international monetary fund recommended the implementation of a multilateral agreement among financial sector forum member agencies on the establishment of supervisory college to agree on the approach of group level risk assessment for financial conglomerates. the establishment of a supervisory college is an important regulatory platform in achieving effective and efficient supervision of financial conglomerates. it is also an international practice amongst international financial supervisory authorities. thus, this memorandum of understanding shall govern the establishment of an inter - agency cross - sectoral supervisory college which shall serve as the forum, to facilitate cooperation and coordination between and among the financial sector forum member agencies specifically, for the supervision of financial conglomerates in the philippines. this supports a clear process for coordinating various roles and responsibilities of the financial sector forum with clearly delineated responsibilities for effective supervision. as such, we would like to re - affirm the spirit of collaboration by signing the memorandum of understanding on the establishment of supervisory college for financial conglomerate supervision. finally, let me share a quote from the american industrialist and business magnate, henry ford. he said that a€œcoming together is a beginning, staying together is progress, and working