This afternoon, we will introduce Danièle to the Banking Supervision team and also to the wider Project team which includes colleagues from a variety of divisions including our policy and risk divisions, HR, IT, Statistics, Enforcement and Legal. We will host a town hall style meeting with all staff affected by the changes brought about by SSM.
While full saving estimates for 2011–12 are not available, preliminary estimates suggest that household financial saving has plummeted to 7.8 per cent of GDP in 2011–12 from an already low of 9.3 per cent in 2010–11 as compared with an average of 11.6 per cent in the high growth phase.