BIS Review 40/2010  15  Annex Table 1 Present value of output losses (% of 2009 GDP) Fraction of initial output loss which is permanent 25% 50% 100% UK  130  260  520  World  90  170  350  Source: Bank calculations  Table 2 Average ratings difference for a sample of banks and building societies 2007 1.56 1.68 1.63  UK Global Average  2008 1.94 2.36 2.21  2009 4.00 2.89 3.24  Average (2007–09) 2.50 2.31 2.36  1. All figures are year-end 2. The UK sample contains 16 banks and building societies in 2007 and 2008 and 13 in 2009. The global sample contains a sample of 26 banks across a range of sizes and countries for 2007 and 28 banks in 2008 and 2009. Source: Moody’s and Bank calculations.
In conclusion, as we embark on financial reforms, we have to be forward looking, to ensure that we do not just have a resilient global financial system, but also one that can support sustainable economic growth. We need better regulations, better appreciation of the macro-financial linkages, and firmer supervision. Globally coordinated efforts and strong cross border cooperation in some areas, as well as local efforts that are context-specific are both needed to achieve the desired regulatory outcomes. 29. Singapore is honoured to host the 16th ICBS on our common supervisory journey. I wish you a meaningful and fruitful discussion, as well as a pleasant and memorable stay here in Singapore. Thank you. 4  BIS Review 121/2010