I look forward to continuing to engage on these issues in 2021 and to work with the ICBA and other stakeholders to foster an environment where communities and the banks that serve them continue to thrive. 3/4  BIS central bankers' speeches  1 McKinsey & Company, “Telehealth: A Quarter-Trillion-Dollar Post-COVID-19 Reality?” May 29, 2020,  www.mckinsey.com/industries/healthcare-systems-and-services/our-insights/telehealth-a-quarter-trillion-dollarpost-covid-19-reality.
4  BIS Review 58/2009  Chart 1: Rough mapping of events between US and Japan red bracket: major events, blue: monetary policy, yellow: fiscal policy, pink: bank rescues Japan  U.S.  4Q 1990 Commercial land price started to decline sharply First Policy Rate Cut July 1991 2Q 1992 20% decline in commercial land price in one quarter Aug. 1992 Jan. 1993  Feb. 2007 Sept. 2007 Oct. 2007  26% decline in ABX-HE (BBB) in one month First Policy Rate Cut 18% decline in ABX-HE (AAA) in four months Citigroup, BoA and JPMC announce plans for $ Oct. 2007 billion Master Liquidity Enhancement Conduit (to be abandoned in Dec. 07)  Govt.