The Committee also is pressing ahead with our work to introduce a credit default risk charge for the trading book. As you know, there has been a rapid growth of less liquid, credit sensitive products in banks’ trading books. These products include structured credit assets and leveraged lending.
On other business, staff and I have visited Manus, Mount Hagen and Kokopo on different occasions to give public talks. There were also briefings to the National Executive Council (NEC) and the Economic Ministers. In July last year (2003), I was invited to address the Provincial Governors’ Conference in Kavieng.