complex financial firms and to incorporate macroprudential considerations into supervision. as the act recognizes, the federal reserve and other financial regulatory agencies must supervise financial institutions and critical infrastructures with an eye toward not only the safety and soundness of each individual firm, but also overall financial stability. indeed, the crisis demonstrated that a too narrow focus on the safety and soundness of individual firms can result in a failure to detect and thwart emerging threats to financial stability that cut across many firms. a critical feature of a successful systemic or macroprudential approach to supervision is a multidisciplinary perspective. our experience in 2009 with the supervisory capital assessment program ( popularly known as the bank stress tests ) demonstrated the feasibility and benefits of employing such a perspective. 1 the stress tests also showed how much the supervision of systemically important institutions can benefit from simultaneous horizontal evaluations of the practices and portfolios of a number of individual firms and from employment of robust quantitative assessment tools. building on that experience, we have reoriented our supervision of the largest, most complex banking firms to include a quantitative surveillance mechanism and to make greater use of the broad range of skills of the federal reserve staff. a final element of the federal reserve ’ s efforts to implement the dodd - frank act relates to the transparency of our balance sheet and liquidity programs. well before enactment, we were providing a great deal of relevant information on our website, in statistical releases, and in regular reports to the congress. under a framework established by the act, the federal reserve will, by december 1, provide detailed information regarding individual transactions conducted across a range of credit and liquidity programs over the period from december 1, 2007, to july 20, 2010. this information will include the names of counterparties, the date and dollar value of individual transactions, the terms of repayment, and other relevant information. on an ongoing basis, subject to lags specified by the congress to protect the efficacy of the programs, the federal reserve also will routinely provide information regarding the identities of counterparties, amounts financed or purchased and collateral see ben s. bernanke ( 2010 ), “ the supervisory capital assessment program – one year later ”, speech delivered at the federal reserve bank of chicago 46th annual conference on bank structure and competition, held in chicago, ill., may 6 ; and daniel k. tarullo ( 2010 ), “ lessons from the crisis stress tests ”, speech delivered at the federal reserve board international research forum on monetary policy

caroline abel : counterfeit banknote detection remarks by ms caroline abel, governor of central bank of seychelles, at the counterfeit banknote detection seminar, mahe, 7 october 2019. * * * esteemed facilitators from de la rue, seminar participants representing various stakeholder organisations, central bank colleagues, good afternoon, on behalf of the central bank of seychelles, it is a pleasure for me to welcome you to this fourday seminar on counterfeit banknote detection. i would like to take this opportunity to thank our partners from de la rue, a company having extensive knowledge and expertise on the subject matter, for joining us in this endeavour. i am equally delighted that our local stakeholders have responded positively to be part of this knowledge sharing experience. currency counterfeiting is a long - standing and global phenomenon, and seychelles has also recorded its share of reports on the circulation of forged banknotes over the years. as the sole authority that issues banknotes in seychelles, the central bank has taken steps to prevent counterfeiting and maintain public confidence in our local currency. as recently as 2016, we issued a new family of banknotes into circulation, embedded with new and improved security features. nevertheless, we are mindful that there is a need to be more vigilant and proactive, as counterfeiters are also keeping pace with new technologies for their criminal activities. it is for this reason that i commend the initiative of the banking services division, through its currency function, for putting together this multistakeholder seminar to stimulate discussion and engagement on this important subject. the issue of counterfeiting should be a matter of concern not only for us as the currency issuing agent, but also for the commercial banks, other financial institutions, as well as other partners, such as the law enforcement and regulatory authorities, and the public at large. the ability for criminals to gain access to equipment that can produce counterfeit banknotes – including the ability to replicate the security features, as well as difficulties relating to investigation of counterfeiting activities, are but some of the challenges with which we are currently faced. i am hopeful that the seminar will not only highlight the extent of the counterfeiting problem globally and in seychelles, but also create a platform for the sharing of ideas and expertise on how to tackle such challenges. while it is important to keep abreast of developments with regards to enhancing the security features of banknotes and attempts by criminals to forge currencies, it is equally