To be able to borrow in a recession – and  1  See www.ecb.europa.eu/pub/pdf/other/prudentialsupcbrole_en.pdf. BIS central bankers’ speeches  3  crucially to be able to do so at affordable rates – governments rely on confidence among investors that their fiscal position is sustainable. When this confidence is eroded, government debt no longer acts as a safe haven.
With these few remarks, Ladies and Gentlemen, let me once again applaud the Bank of India on your 105th Foundation Day, and wish the bank continued prosperity in the years to come – not only in Kenya but also in the EAC market. Thank you. 2  BIS Review 163/2010