When choosing the level of interest rate risk, we have given priority to long-term good earnings over small, annual negative effects on results. The fact that we have chosen to accept some interest rate risk and credit risk is because these are not of the same order as currency risk and thereby do not comprise the same direct threat to capital as currency exposure. All in all, we are driven by the same fundamental endeavours as other asset managers, namely to generate earnings for our owners. The major difference concerns the limitations that our statutory tasks entail for our asset management activities. Thank you. BIS Review 33/2006  5
Three years later, Banco de Portugal came on board thanks to Mr Rui Pimentel, to jointly create a conference that certainly grows into a recognizable brand name, set with the aim to inform of all relevant payment-related matters, to share knowledge and to educate, to influence and last but not least to network and socialize. Payment systems and market infrastructures – why this topic in the first place? There is no doubt that payment systems comprise vital part of countries’ economic and financial infrastructures. However, it was only the last two decades or so when this issue gained in topicality, concerning both, service providers and policymakers and central banks. This is because of the new global landscape, which shaped by the streams of globalization, the dramatically rising volumes of payments and the advancing fintech innovation has returned payment systems to the focus once again. With their safety, resilience and efficiency becoming critical to the financial stability and the well-functioning of the economy as a whole. We started this Conference as domestically oriented, having the domestic financial sector as target audience, to later on move to expand internationally from Southeastern and Central and Eastern Europe to the Black Sea Region and the Middle East with Northern Africa countries joining us lately. Allow me to extend my sincere appreciation to the Vice Governor Maja Kadievska Vojnovic and to Igor Velichkovski, Head of the Payment Systems Department within the NBRM for successfully turning this conference into a truly international one.