28 Quotes by James McCormack

When you've got credit growth that already exceeds (gross domestic product growth), that's a lot of new credit." ()

We were always skeptical about how fast consumer recovery (would) be. It had been pretty slow. This year, we've revised our growth forecast for the Korean economy to 5 percent based on strong fourth-quarter numbers that we saw, particularly in consumption. The export sector still looks positive." ()

There is a question about how long you can do that, but it is not as if money supply is growing too fast." ()

There are two things that we're still concerned about. One is the structure of public finances notwithstanding the fiscal performance in 2005 and two is the political outlook and the effect that politics might have on public finance." ()

So if the effective interest rate on Philippines government debt goes up, it just takes more of their revenues to service their debts, so these are issues that really do need to be addressed." ()

What would be under consideration is what to do with the negative outlook - whether to revert that back to stable, or to retain the negative outlook, or to downgrade the credit. But upgrading (the rating) from a negative outlook is not something that happens very frequently, and I don't expect that would happen in the case of the Philippines." ()

While the e-VAT and the impeachment issue have both been resolved favorably in recent days, we are maintaining our negative outlook on the Philippines' ratings." ()

We are a bit cautious about the two-percentage-point increase because of the risks - primarily political risks - that it might not be implemented. One thing we learned from this is that there is always a potential for delays in its implementation." ()

The delayed e-VAT detracted from the overall credibility of the fiscal reform program, and we will wait until the e-VAT is implemented fully, including the rate increase from 10 percent to 12 percent scheduled for January 2006, before considering its positive effects on government revenues." ()