This would include any changes that needed to be made to the organizational structure of our supervisory function within the HKMA and the supervisory policies, guidelines and techniques which we use. The study will also examine whether we have the necessary resources to do the job. Conclusion 25. In conclusion, the Asian crisis has been a major “wake-up” call to supervisors in the region and has given fresh impetus to international efforts to raise supervisory standards. One point which bears repeating however that tightening of supervision is not the whole answer, particularly if the effect is simply to impose more rules on the banks. More external regulation may indeed have to be the short-term response in a number of countries, particularly those where blanket government guarantees have been given to depositors. However, the long-term solution must lie in devising a supervisory approach which gives the right incentives for management of banks to take responsibility for their own actions. BIS Review 28/1998  ˝
Øystein Olsen: Management of the Government Pension Fund Global (GPFG) Introductory statement by Mr Øystein Olsen, Governor of Norges Bank (Central Bank of Norway), before the Standing Committee on Finance and Economic Affairs of the Storting (Norwegian parliament), Oslo, 4 May 2015. *  *  *  Please note that the text below may differ from the actual presentation. I would like to thank the Chair of the Committee for the invitation to speak on the management of the Government Pension Fund Global. The objective of the Government Pension Fund Global is to underpin long-term considerations in the spending of government petroleum revenues. Norges Bank manages the GPFG with the aim of achieving the highest possible return subject to the framework defined by the Ministry of Finance, including the limitations set for risk-taking. The investment strategy is designed with a view to achieving this aim. The proportion of real assets in relation to nominal assets is the most important choice with regard to the investment strategy. Today, the allocation to equities is 60 percent. The proportion invested in real estate is likely to reach 5 percent in a few years. The Ministry of Finance has started work on assessing the allocation to real estate and the possibility of investing a portion of the GPFG in unlisted infrastructure. We have been requested to provide advice to the Ministry on this matter. Real estate investment, and infrastructure in the event, is more resource-intensive than securities investment, both in operational and management terms.