The volume of securities issued has fallen, and the maturities have shortened. Banks have switched some of the funding of their conduits from the asset-backed commercial paper to on-balance-sheet, where it is supported by the banks’ capital. This seems appropriate. In recent days, there have been some encouraging signs of improvement in markets, both here in Australia and overseas.
Today, as we launch the 2013 CMA, we look forward to hearing more inspiring stories of how access to collateral-free credit can be so empowering. Indeed, we have witnessed the power of microfinance to improve lives across the country. As a member of the CMA board of judges for 8 years now, I have witnessed how this Awards program has also evolved.