LONDON, Sept 16 (Reuters) - Policy makers and central banks globally have mobilised to try to calm investors and prevent the upheaval on Wall Street from sending financial markets into a dizzying sell off.
The following are highlights of comments from policy makers on Tuesday:
GERMAN FINANCE MINISTER PEER STEINBRUECK, TO PARLIAMENT
"We're currently seeing the biggest financial crisis of all time in the United States."
"It's clear that the financial market crisis will have an impact on the real economy. The extent will depend on whether and how significantly banks will limit their granting of credit," he said.
Steinbrueck also said that credit growth in Europe had not been affected overall, adding that in Germany, this was also thanks to savings banks.
GERMAN FINANCE MINISTER PEER STEINBRUECK, TO TAGESZEITUNG
"From what we know so far, the impact of the recent developments on Germany will be very limited."
"German banks are far less unstable than U.S. banks."
BRITISH FINANCE MINISTER ALISTAIR DARLING, TO BBC:
"We need to take action internationally, and we are.
"It means that central banks need to help -- and yesterday you saw right across the world the American Fed, the ECB, our own Bank of England and Japan, all intervening."
"This is clearly a difficult time. I am confident that we will get through it."
On international cooperation between governments, central banks and regulators:
"We must, must, must act together to make sure that we tighten up the system so that we can try and reduce the likelihood of this sort of thing happening again in the future."
On disclosure:
"We need to ensure that as far as we reasonably can, we get as much openness, banks declaring their positions, so that people can get more certainty, and are therefore more likely to put their money back into bank shares."
EUROPEAN ECONOMIC AND MONETARY AFFAIRS COMMISSIONER JOAQUIN ALMUNIA, TO REPORTERS:
"We should avoid excessive volatility in the evolution of exchange rates and in this regard it is very important the way we exchange views and we discuss the issue... in particular at the G7 level.
JAPANESE ECONOMY MINISTER KAORU YOSANO, AT NEWS CONFERENCE:
"Aside from whether it's going to be large or small, there will be a credit crunch in the U.S. economy. Corporate willingness for capital spending and consumers' willingness to spend will wane. For the Japanese economy, that means demand for U.S.-bound exports will fall.
"But this didn't start just yesterday. In fact, it's been expected since last year. So I do not think there will be sharp deepening in those phenomenons. It's better to think we are witnessing a continuing story that has been triggered by subprime problems.
"Some say Lehman will be the last one (to go under). Also, there's a view that we can soon see some light ahead given that the U.S. authorities have been acting fast."
JAPAN FINANCIAL SERVICES MINISTER TOSHIMITSU MOTEGI, AT NEWS CONFERENCE:
"We have not confirmed any issues that would make a significant impact on operations of financial institutions considering the adequacy of owned capital at respective companies.
"It is important that the U.S. authorities do everything possible for market stability.
"We are heightening our alert level and will closely monitor developments."
JAPANESE FINANCE MINISTER BUNMEI IBUKI, AT NEWS CONFERENCE:
"We are in close contact with U.S. financial authorities at both ministerial and staff levels..."
"We are monitoring the U.S. response with sympathy ... It is basically a domestic financial problem for the United States.
"But the dollar is an international currency and many U.S. securities firms and financial institutions, including Lehman, operate globally. That means we need to grasp this issue appropriately through each nation's economy, currency market developments and corporate fund-raising activities."
"We are always prepared to get in contact with finance ministers of the G7 and G8 nations.
"Considering the capital base of each financial institution, I'm not worried about Japanese banks and the nation's financial system even if some of them have lending to Lehman ...
(On forex policy:)
"I can't comment on that because if I do, it could move currency markets. The moves are so far within my expectations."
(On stock price falls:)
"We shouldn't make a judgment just by today's moves alone. We should monitor moves for about a week. Overall, foreign exchange and stock market moves do not seem to signal a crisis, or can be described as panicky."
AUSTRALIAN PRIME MINISTER KEVIN RUDD, TO PARLIAMENT:
"Upon taking office, we were acutely conscious that this global financial crisis was not over, it had a long way to run. As events in the United States have demonstrated in the past 24 hours, regrettably, it has a long way to run yet."
"Our advice is that the exposure by the Australian commercial banks is modest, to Lehman Brothers," Rudd said.
AUSTRALIAN TREASURER WAYNE SWAN, TO PARLIAMENT:
"The government over the last 24 or 48 hours has been constantly briefed on these developments."
"We are facing one of the most difficult times in international financial markets."
"In recent weeks I have also been in regular contact with my counterparts internationally. This is quite important, because we are not immune from these events, but we are better placed than many countries in the world to weather the storm.
"It is the case that our banks in this country are well capitalised. We don't face the same problems being experienced in the United States."
INDONESIA'S CENTRAL BANK GOVERNOR BOEDIONO, TO REPORTERS:
"This is a global situation. The turbulence in the global financial market is because of Lehman and others," he said.
"It is as if we are on a boat amidst stormy seas. We have to stay calm, controlling the boat as best as we can until the swings subside and we can see a better direction. The point is that our boat is in a good shape."
"We will take (measures) if needed. At the moment we will continue monitoring (the market)."
CHIEF EXECUTIVE OF THE HONG KONG MONETARY AUTHORITY, JOSEPH YAM, TO REPORTERS (translation from Cantonese):
"For Hong Kong markets, it certainly will have some negative impact because big U.S. investment banks have a lot of activities in the world, including Hong Kong -- an international financial centre. It will have some spillover effect."
"The markets should see price adjustments and (I) hope people can manage their risks."
"HKMA already has a sound mechanism to provide banks with liquidity, if needed."
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