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Presentation to Seminar on Financial Crises Kreditilsynet

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Presentation to Seminar on Financial Crises Kreditilsynet

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    1. 12 September 2002 Presentation to Seminar on Financial Crises Kreditilsynet Andrew Gracie Bank of England

    2. 12 September 2002 Outline

    4. 12 September 2002 Banks intermediate between savers and borrowers - SMEs, personal sector Financial crises impose high costs because of spillover effects

    6. 12 September 2002 Relevant Factors Exchange rates Deregulation Monetary Policy Asset Prices

    7. 12 September 2002 Banks better capitalised

    8. 12 September 2002

    9. 12 September 2002 Banks better capitalised Risk dispersed

    10. 12 September 2002

    11. 12 September 2002 Banks better capitalised Risk dispersed Risk diversified

    12. 12 September 2002

    13. 12 September 2002 Risk dispersed Risk concentrated

    14. 12 September 2002

    15. 12 September 2002

    16. 12 September 2002

    17. 12 September 2002 Disclosure

    18. 12 September 2002

    19. 12 September 2002 Disclosure

    20. 12 September 2002 Basel II risk sensitivity securitisation Pillar 3 procyclicality

    21. 12 September 2002 Exacerbated by two elements The extent of the late 1990s bubble Adjustment to low inflation environment

    22. 12 September 2002 General insurance - effect of disasters and asset prices Life insurance - returns on equities - guarantees Pension funds - equity prices and false expectations - contribution holidays

    23. 12 September 2002

    24. 12 September 2002

    25. 12 September 2002

    26. 12 September 2002 2001 Mutuals: Equities 48% Fixed interest 32% Other/property - same Nonbank: Equities 41% Fixed Interest 38% Banks: 44% Foreign: 36%2001 Mutuals: Equities 48% Fixed interest 32% Other/property - same Nonbank: Equities 41% Fixed Interest 38% Banks: 44% Foreign: 36%

    27. 12 September 2002 Capital market impact Ownership (In)direct exposures

    28. 12 September 2002 Importance of official initiatives risk proofing: Basel II, CLS, FSAP risk monitoring: FSF, FSAP crisis management: LCFI fact-book

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