largest, were, however, sanctioned for administrative breaches. these are the figures as reported in 2010. the latest data give 37 and 54 per cent. bis central bankers ’ speeches period ( and would have been 11½ % in the absence of bank rescue spending ), this would not be sustainable for long. initial policy response although a deficit of 14 or even 11 per cent of gdp can hardly be considered austere, government had already begun a programme of fiscal adjustment in 2008, without which the deficit would have been even wider. the taxation of income in particular was increased, and a four - year plan of tax and expenditure changes designed to restore stability to the public finances was under way. additional fiscal pressure was emerging from the banking system. initially interpreted as merely part of the global liquidity tightening that emanated from the us subprime problems, the irish banks were encountering increasing difficulties in rolling over their international borrowings : maturities were shortening and the geographical spread of the providers of funds narrowing ( lane 2015 ). eventually, at the end of september 2008, just after the bankruptcy of lehman, the third largest bank ( anglo ) was on the eve of being unable to meet its obligations when the government stepped - in with a blanket guarantee for the liabilities of the locally controlled banks. at first it was not expected by the national financial authorities that the guarantee ( which was copper - fastened in legislation ) would entail a significant budgetary outlay, but they had not built in any safety - first mechanism to limit the state ’ s exposure to the pig - in - poke they had acquired. it soon transpired that supervisory awareness of the vulnerability of the banks to the property turn - down had been very limited. the sudden stop the combination of the loss of tax revenue and increased spending on social transfers with the emergence of a large contingent liability on foot of the bank guarantee was what created the vulnerability of the irish sovereign to a sudden stop in its access to international funding. with market attention focused on greece in the autumn and winter of 2009 – 10, and in the absence of clarity on the likely loan losses of the irish banks, the sudden stop was somehow deferred. however, these conditions changed. the scale of the embedded bank losses began to crystallise as the larger property - related loans were purchased at a market - related “ longterm economic value ” by the government - created asset management agency nama. that the government would have to meet either a large

benjamin e diokno : launch of enhanced ngc banknotes speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the launch of enhanced ngc banknotes, manila, 29 july 2020. * * * to the members of the monetary board, bsp officers, our friends from the bsp press corps, ladies and gentlemen, good afternoon. today, we unveil the enhanced set of banknotes under the new generation currency series. these banknotes are equipped with the latest anti - counterfeiting technology and embedded with tactile marks that will make it easier for the elderly and persons with disabilities to differentiate each denomination. as you may remember, the bangko sentral ng pilipinas released in circulation the new generation currency banknotes series in december 2010. as a matter of practice, central banks regularly change the design and security features of currency to protect its integrity every 10 years, on average. while digital payments are on the rise, there are still some sectors in our society that use cash to purchase goods and pay for services. and it is equally our priority to ensure that banknotes and coins are accessible, recognizable, and easily authenticated. irish poet oscar wilde once said that when bankers get together for dinner, they discuss art. when artists get together for dinner, they discuss money. as a central banker, i consider our money as a piece of art — an artistic creation that reflects the soul of its nation. and the enhanced ngc banknotes are so art - fully made that even the security features are cleverly incorporated to become part of the overall design theme. for these enhanced ngc banknotes, we adopted four security enhancements that would help protect the public from counterfeiters and uphold the bills ’ integrity. the windowed security thread, which runs vertically across the banknote and shows the movement of designs and color when viewed from different angles, has an indegenous weave design. the thread also bears the alphanumeric denominational value and the text “ bsp ” in a repeated series. the 1000 - piso adopted the t ’ nalak weave design with the movement of design patterns, color, and micro - optic features. on the other hand, the 500 - piso took its weave design from the southern philippines. when viewed at a different angle, the color of the thread shifts from gold to jade, and vice versa. following an indigenous textile design from