So far, deposit institutions do not appear to be significantly increasing their exposure to risk, although there are some factors where we are exercising greater watchfulness. In fact, the total volume of lending granted by deposit institutions in Spain to the nonfinancial private sector has continued to fall (-1.2% in June), or shows muted increases when the construction and real estate development sectors are excluded. Moreover, the debt ratios of the non-financial private sector have continued falling, standing at levels below the euro area average. Specifically, the debt/GDP ratio of the non-financial private sector was slightly above 130%, 3 pp down on a year earlier, and 2 pp less than the euro area average, having declined by more than 70 pp from its peak during the crisis. 5/10  In the case of non-financial corporations, overall external financing has continued to expand at year-on-year rates of close to 2%, with significant growth in bond financing and a fall-off since the start of the year in new bank lending extended to non-financial corporations. Overall, the reduction in the deleveraging of non-financial corporations exceeds 50 pp of GDP, from the peak reached during the crisis. Further, in recent years banks appear to be setting greater store by variables such as productivity in lending standards, which results in a more efficient allocation of credit. Nonetheless, some firms still show a certain degree of financial fragility.
"The Changing World" - Keynote Speech by Ms Jacqueline Loh, Deputy Managing Director, Monetary Authority of Singapore, at The World Federation of Exchanges General Assembly and Annual Meeting on 9 October 2019 Mr. Loh Boon Chye, Chief Executive Owicer, Singapore Exchange (SGX), Dr. Urs Ruegsegger, Chairman, The World Federation of Exchanges, Ms. Nandini Sukumar, Chief Executive Owicer, The World Federation of Exchanges, Ladies and gentlemen, good morning. Introduction 1 Đ Đ Let me begin by welcoming you to Singapore for the World Federation of Exchanges 59th General Assembly and Annual Meeting. 2 Đ Đ Exchanges have a long and illustrious history, dating back to the establishment of the Amsterdam Stock Exchange from as early as 1602. Four centuries on, exchanges continue to play a crucial role in facilitating trade and disseminating information, enabling companies to raise capital, and providing investors with a fair, orderly, and transparent marketplace to trade financial assets and carry out risk management activities.Đ 3 Đ Đ The World Federation of Exchanges (“WFE”) has played a critical role in promoting the development of organised and regulated markets to meet the world’s capital raising needs. As the leading global industry group for exchanges and clearing houses, the WFE has actively pushed for greater industry collaboration and international regulatory coherence to make public markets more vibrant and robust.