It is both a pleasure and a privilege to talk to you this morning. These are strange times in the world of credit, and you must all have strong nerves to be in the business of managing it. When I was first involved in finance, an unquestioned credit was defined as a borrower who would undoubtedly pay you back all that you had lent to them. Recently it has come to mean a borrower who will undoubtedly pay you back a little less than you lent. As a sub-investment grade speaker I shall try to give statistically-adjusted value today.
I’ve been asked to talk about regulation, which is of course a vast and complex subject as well as a controversial one. I’m going to give you a rather personal slant on regulatory developments, which I’ve observed from different standpoints at different stages of my professional life.
The fence and the pendulum
Speech based on remarks given at the International Association of Credit Portfolio Managers, London on Friday 22 May 2015.