other key issues such as : • the causes and determinants of capital flight ; • estimation of capital flight and methodology ; • the link between external debt and capital flight ; • implications of capital flight for capital market development ; • implications of capital flight for banks and corporate performance ; • implications of capital flight for investment ; • the theoretical foundation of capital flight ; • mitigation of capital flight through institutional strengthening ; • expected benefits of capital flight repatriation ; • implications of current international financial architecture for capital flight. i very much welcome the focus of this learning event on the role that the international financial architecture has played in the current asymmetric flows of resources from capitalscarce regions of the developing world, and especially from sub - saharan africa to higherwage areas in the more advanced economies. in particular, more than just emphasizing the safe haven nature of the destinations to which the scarce resources from sub - saharan africa are flowing to, i would like to urge experts and scholars attending this conference to discuss the role that the bipolar international currency landscape dominated by the dollar and more recently the euro has played in encouraging capital flight from africa. i also welcome the emphasis on capital repatriation and institutional policies and measures to stem capital flight. in the face of the continued marginalization of africa in the landscape of global capital flows, the success of the region in achieving robust and long - run economic growth very much depends on its ability to generate sufficient resources for long - term investments. in this regard, the massive infusion of resources through a repatriation of a sizable or even part of the half a trillion us dollars that escaped for safe havens via the capital flight channel could play a great deal in supporting investments in critical areas, including infrastructures, telecommunications and education. harvard university is often praised for the size of its endowment, which, in excess of us $ 20 billion dollars, is one of the largest in the world. how many harvards could be established in this continent to create the critical mass of world - class engineers and scientists, and intellectual leaders needed to advance africa ’ s development, expand industrial output and enhance employment creation in the era of knowledge from the half a trillion us dollars stored by a handful of africans in save havens? several world - class institutions could be established and thousands if not millions of jobs created from it, especially if repatriated funds were indeed used for productive investments and economic growth and not for consumption, which may further erode the current account. as

. this is intended to provide hosts with comfort that in the event of a resolution they will not be exposed as losses would be upstreamed to the holdco, enabling the hosted legal entity to continue to operate. hosts would therefore not need to take the sort of unilateral actions to ring - fence assets that were so damaging during the crisis and have tended to fragment the international financial system since. in short we need cross border resolution to work through structural changes like tlac for international banking to work. and we need this to be internalised by the market as well. i mentioned before disclosure for investors. but it is as important for liability holders that are unlikely to be bailed in to understand that too. part of the rationale for locating tlac at holdco in spe strategies is to keep the resolution away from the operating companies and to be able to give liability holders at opco a strong message that where losses and recap needs can be met within tlac they will not be bailed in. this way we maximise the chances of achieving continuity in the cefs of the firm and avoiding any amplification in adverse systemic consequences. to sum up, mrel or tlac is a watershed on the road to making resolution work. finalisation of the tlac proposal this year and joint decisions on mrel in resolution colleges for eu firms in early 2016 will clear the way for banks to engage investors on their capital planning and debt issuance for the year ahead. changes to existing liability structures may take time. but the clarity this will bring will mean that we have a regime that is not only feasible – after all we have the legal powers under bbrd to bail in the things we need – but credible. bis central bankers ’ speeches