Már Guðmundsson: Iceland’s economy and monetary regime – a series of crossroads Speech by Mr Már Guðmundsson, Governor of the Central Bank of Iceland, at the 50th Annual General Meeting of the Central Bank of Iceland, Reykjavík, 7 April 2011. *  *  *  Honourable President; Prime Minister; other Ministers; Speaker of Parliament; Chairman of the Board; Party Chairmen, Bank Directors; Directors of Public Institutions; Ladies and Gentlemen: This year’s Annual General Meeting of the Central Bank of Iceland is held on the Bank’s 50th anniversary. But it would hardly be accurate to say that the Bank is facing halcyon days at this milestone. Quite the contrary: times are turbulent. Furthermore, Iceland’s economy and monetary regime are standing at a complex series of crossroads, and the paths we choose could have a profound impact on future developments. This is reminiscent of the situation that reigned when the Bank was founded, but I will come to that later. What exactly are these crossroads, then? The first fork in the road lies in the changing economic situation. Instability and recession are giving way to better equilibrium and recovery. The current account deficit from Iceland’s overheating period has been turned around to an underlying surplus that has supported the króna, which is now over 7½% stronger than it was at the beginning of last year. At the same time, the Central Bank has bought foreign currency in the market for about 33 b.kr., as part of its plan to accumulate non-borrowed reserves.
Norman T L Chan: SME Financing Guarantee Scheme Opening address by Mr Norman T L Chan, Chief Executive of Hong Kong Monetary Authority and Deputy Chairman of the Hong Kong Mortgage Corporation Limited, at the SME Financing Guarantee Scheme signing ceremony, Hong Kong SAR, 13 December 2010. * * * Good morning, I am very pleased to welcome all of you to today’s Letter of Intent Signing Ceremony for the launch of the SME (small to medium-sized enterprise) Financing Guarantee Scheme by the Hong Kong Mortgage Corporation (“HKMC”). SMEs are an important pillar of the Hong Kong economy and employment. In 2008, the collapse of Lehman Brothers caused credit crunch and market dislocation around the world. To mitigate the impact of the global financial crisis, the Hong Kong SAR Government swiftly rolled out a series of measures to “stabilise the financial system, support enterprises and preserve employment”. A key measure to help the SMEs was the launch of the $ billion Special Loan Guarantee Scheme in December 2008. By October this year, the scheme has helped more than 20,000 companies, with the approved loan amount exceeding $ billion, and helping to secure more than 330,000 jobs. With the recovery of the local economy and the improved financing and cash flows for SMEs, the Special Loan Guarantee Scheme will cease to receive applications from early next year.