But none of this changes the fact that we must lift the controls as soon as it is safe to do so, both because of the economic cost of retaining them and because of Iceland’s international obligations. In my speech a year ago, I said that this was one of the most complex tasks facing the Icelandic authorities at the time. That has not changed. A prerequisite for success is that we base our efforts on the best possible analysis of the problem and the potential solutions to it. Until now, the controls have been viewed as providing shelter during the  BIS central bankers’ speeches  3  resolution of the balance of payments problems caused by the collapse of the financial system. If all non-residents’ potentially volatile claims on residents were paid in a short period of time, Iceland would pay down foreign debt much more rapidly than is desirable. If worse comes to worst, the deleveraging could amount to roughly half Iceland’s GDP in relatively few years. Under such circumstances, the króna would depreciate significantly, at least over a considerable period of time, the banks’ liquidity would be weakened, and public sector finances would do likewise. Domestic and foreign Treasury financing would be much more difficult and expensive to come by. But is this analysis correct? Is Iceland faced with a balance of payments and refinancing problem rather than a debt sustainability problem?
Hamad Al-Sayari: Financial planning and wealth management in Saudi Arabia Speech by His Excellency Hamad Al-Sayari, Governor of the Saudi Arabian Monetary Agency, on the occasion of the graduation of the 7th and 8th Batches of the Financial Planning Program and the 2nd and 3rd Batches of the Wealth Management Program, Riyadh, 17 January 2007. *  *  *  Dear Audience, I am really glad on this blessed day to be with you in this happy occasion to celebrate the graduation of the 7th and 8th Batches of the Personal Financial Planning Program, and the 2nd and 3rd batches of the Wealth Management Program. In pursuance of its key role in developing the banking and financial sector, SAMA has been very keen to develop human resources in all financial and banking specializations. To this end, SAMA has made many initiatives. It has instructed the IOB to conduct a comprehensive study on the investment sector to determine the professional and educational criteria that must be satisfied by personnel involved in the various areas of investment. The findings of the study have showed that all staff working in investment and financial intermediation should have certain basic knowledge and skills in these fields. To meet these needs, the IOB designed scientific subjects and standardized tests on the basics of investment and stock trading. Moreover, the findings have indicated that banks’ customers are in need of persons specialized in offering financial advisory services.