loans to households foreign-currency-denominated loans lei-denominated loans 26.8  40 35 30  19.6  22.7  20.7  20  16.6  15.4  12.7  13.3 11.3  15  5  35.9  18.6 19.5  25  10  39.3  11.8 10.2  4.8  6.3  7.4  9.4  11.4  14.1  17.3 16.4  2006  2007  19.7  16.6  0 2004  2005  2008  Source: National Bank of Romania, National Institute of Statistics  Government credit hovered around relatively low levels during the period under review (Chart 5). 8  BIS Review 5/2010  Chart 5 Government credit percent of GDP  4.0 3.4  3.5 3.0 2.3  2.5 2.0 1.5  1.2  1.1  1.0  2004  2005  2006  1.0 0.5 0.0 2007  2008  Source: National Bank of Romania, National Institute of Statistics  Banks came to rely heavily on external financing, while the mismatch between foreign currency-denominated assets and forex liabilities of both companies and households widened. In 2004, the difference between forex-denominated deposits and loans in the corporate sector stood at around lei –5 billion, increasing sevenfold by March 2009, i.e. lei –34 billion. As for households, the differences stood at lei +5 billion and lei –28 billion respectively (Chart 6).
But before I hand you over to the MoneyPACIFIC team for their presentation I truly believe your goals and objectives in your respective designations can be greatly complemented with our agenda of financial literacy and that this latest resource will be of use to the pursuit of youth and women empowerment, assist the micro-entreprenuers, complement student learnings from the existing national education curricula, and overall greatly assist us in all our diverse capacities as financial consumers. Manuia le tātou fa’amoemoe. Thank you. 2  BIS central bankers’ speeches