The wider use of credit information can make an important contribution to prudent financial management, not just among borrowers by minimising incidences of excessive borrowings, but also among lenders by encouraging greater discipline during periods of exuberance when lenders may be tempted by rapid rises in asset prices and perverse incentives, to throw caution to the wind. It also has an important role in promoting access to financing for various segments of the society. Borrowers who maintain a good credit history and demonstrate strong financial discipline are able to leverage on such “reputational collateral” to secure borrowings at more favourable terms and rates. Credit registries have also been used extensively to support enhanced banking and financial market supervision. There can be little doubt, particularly after the events of the sub-prime mortgage crisis, that the accumulation of credit that is premised on informed credit decisions, whether taken at an individual, institutional or system-wide level, will contribute to the stability of the overall financial system. While the collection of credit information on borrowers in Malaysia started many years ago, it was not until the aftermath of the Asian Financial Crisis that a centralised credit information registry was realised. The crisis proved to be a defining moment for Malaysia on several fronts and was instrumental in advancing critical reforms in the development of our financial infrastructure.
The architectural concept of Sasana Kijang is inspired from the shape of the Cowrie shell, a popular form of money in the Malay Peninsula during the 3rd century with its building facade derived from the geometric patterns of traditional Malaysian songket motifs, reflecting the hand woven fabric designs. Sasana Kijang hosts a learning centre with state-of-the-art training facilities for local and foreign participants and provides opportunities for the exchange of views and experience towards promoting capacity building in central banking. In addition to training facilities, offices and conference halls, Sasana Kijang also houses the Bank Negara Malaysia Knowledge Management Centre and the Bank Negara Malaysia’s Museum and Art Gallery which is open to the public. I hope all of you will take the opportunity to explore the Bank’s collection displayed at the Museum and Art Gallery and to enjoy the activities in the Knowledge Management Centre. As visitors to Malaysia, your stay here is not complete unless you have treated yourself to the variety of food, traditional and modern, that the country has to offer. On that note, I wish you all a productive engagement and a pleasant stay in Kuala Lumpur. BIS central bankers’ speeches  3