-  The Icelandic government nationalised its three largest banks. -  In Germany the problems besetting the Hypo Real Estate bank led the government to design a rescue plan for the entity, at the end of September, and they are currently providing support to Bayern LB. -  In the Netherlands, the problems at ING required a large injection of capital from the government, and the French government also had to recapitalise France’s five main banks. In recent weeks the crisis has spread to many emerging countries, against a background of heightened risk aversion and the liquidation by investors of market positions subject to even minimal risk. The countries that have suffered most are those with significant current account deficits and financial systems strongly dependent on external financing. In Europe, I should mention Hungary, the Baltic States, Bulgaria, Rumania, Turkey and Ukraine, as well as Russia, which has also been affected by the fall in oil prices; and in Asia, Pakistan. In Latin America, although the starting position was in many cases better, the impact has been significant, for various reasons, in Argentina, Brazil, Chile, Colombia, Mexico and Peru. This risk aversion and heightened uncertainty has also been strongly apparent in the foreign exchange markets, which have seen a sharp rise in volatility and a strong appreciation of the yen and the dollar, the latest protagonists in an ongoing crisis.
Pembangunan pengguna yang lebih berpengetahuan juga akan memberi cabaran kepada institusi kewangan untuk mempercepatkan proses inovasi dan mempelbagaikan produk, perkhidmatan dan saluran penghantaran yang ditawarkan. Ini akan merangsang pembangunan sektor kewangan yang kukuh dan progresif, yang selanjutnya akan menyumbang kepada pertumbuhan ekonomi negara yang mapan. Dengan lafaz Bismillahirrahmanirrahim, saya dengan sukacitanya merasmikan pembukaan Biro Pengantaraan Kewangan di Malaysia. Terima kasih. 4  BIS Review 4/2005