This I say with analytical conviction because a “bubble”, signifying “huge” under-pricing of risks, is typically diagnosed with spreads of riskier assets to risk-free G-Secs being unusually low, but still positive, whereas, here in the IRS segment, spreads to G-Secs have persistently, and consistently, been negative to the extent of 100 to 150 basis points for 5 year maturity!
And I congratulate them all and I urge them to continue their efforts to keep the credit union spirit alive, as they continue to face the challenges emanating from globalization and financial liberalisation and a more secular approach to community. Ladies and Gentlemen, you know better than I, the tumultuous change that the credit union movement has undergone over the past three decades.