Christian Noyer: The stability-oriented monetary policy of the ECB Luncheon speech by Mr Christian Noyer, Vice-President of the European Central Bank, at the conference organised by HSBC CCF Securities, Paris, 6 September 2001. *  *  *  Ladies and Gentlemen, I am very grateful for your invitation to speak today in Paris on the occasion of the forum organised by HSBC.
The banking system’s total assets grew year-on-year by 7 percent to P20.4 trillion as of endNovember 2021 from the expansion of funds, mainly from deposits, channeled to lending and investment activities. Bank credit growth was observed with total loan portfolio expanding year-on-year by 4.3 percent to P11 trillion as of end-November 2021, which is mainly attributed to real estate lending.