The nature of the current debate Last year’s Annual Meetings took place against the background of: •  the East Asian crisis and its contagion effect, first on other emerging markets, and later on the world economy;  •  the serious eco-political situation in Russia;  •  the collapse of a major hedge fund in New York – Long Term Capital Management;  BIS Review 16/1999  –3–  •  the growing threat of a collapse of the Brazilian economy; and  •  growing concern about a slow-down in world economic growth.
Among others, the BSP has done the following: •  raised the average daily balance of microdeposits to promote higher savings rate among microfinance clients;  BIS central bankers’ speeches  1  •  enabled microinsurance providers to expand coverage to families of microfinance clients;  •  improved procedures in the product approval of housing microfinance loans and micro-agri loans to simplify the process by which banks can offer innovative microfinance products;  •  allowed the acceptance of alternative Identification Documents (IDs) to open bank accounts, including those issued to persons with disability or under government welfare; &  •  institutionalized a Consumer Protection Framework to provide comprehensive protection for all financial consumers, including microfinance clients.