If a liquidity issue were to arise around this funding, it is of critical importance that the foreign-currency denominated funding is fully hedged into Australian dollars, which indeed it is.9 This means that the liquidity issue is in Australian dollars rather than in foreign currency.10 As I discussed earlier, an Australian dollar liquidity issue can be addressed by the Reserve Bank.
And for these private investments to scale up sufficiently, and for the financial sector to finance them, we need to get the right conditions in place. What needs to be 1/4  BIS central bankers' speeches  done? And what can governments, central banks and supervisors do? That is what I want to discuss with you today.