But lending to households also constitutes a significant part of troubled debt exposures, accounting 2 / 13  BIS central bankers' speeches  for more than a half of the NPLs in some countries. The distribution of non-performing exposures of high-NPL countries (with NPL ratios in excess of 10%) broadly follows this pattern (see Chart 2).
I would like to express my thanks to the organizing committee of this conference for the invitation to participate in this session, and to deliver the keynote address. Let me also acknowledge the important role of the GenAfrica Asset Managers Limited in the economy particularly with respect to pension fund management and property investment advisory.