By October 2020, these central banks held close to 30 per cent or more of their governments' bonds on issue – by contrast, the Reserve Bank held only around 9 per cent of Australian Government Securities (AGS) outstanding, following purchases to restore market function in the early months of the pandemic and in support of the Bank's three-year yield target.
Since becoming Chair of the FSB last December, I have had some time to observe the important work of the IAIS as one of the standard-setting bodies that are essential to the FSB. The IAIS has been an active contributor to the FSB’s work through the Plenary and Steering Committees.