##p bonds mature, the crown pays out par value to the reserve bank ; similarly, when lsap bonds are sold, the crown pays the reserve bank for the market value of the bond. these payments reduce the crown account, but do not directly impact the settlement cash level. the crown needs to finance payments to the reserve bank, and the additional net debt financing or net revenue will drain settlement cash from the system. 22 the exact timing of the decrease in settlement cash will depend on how the crown manages their crown account. 23 the flp is simpler from a settlement cash perspective : as this funding matures, banks will pay back the money that they have borrowed. this payment from banks to the reserve bank reduces the settlement cash level, as it has the impact of withdrawing settlement cash from esas. the final maturity for the flp will be toward the end of 2025. retaining a floor system as announced in may this year, the reserve bank intends to retain a floor system going forward. 24 there are two key reasons to retain this system. first, because it is flexible in allowing for effective monetary policy implementation at varying levels of settlement cash. second, because it is operationally efficient – for both the reserve bank and the wider banking system. these benefits are acknowledged by other central banks who use a floor system of monetary policy implementation. 25 a floor system is operationally efficient for the reserve bank as the focus is on managing any flows that reduce settlement cash below a sufficient level, rather than managing all flows that change the settlement cash level. a floor system is also less operationally intensive for the banking system, as banks can focus on managing their overall liquidity needs without needing to manage daily settlement cash changes. _ _ _ _ _ _ _ _ _ _ _ _ 21 monetary policy statement february 2022 ( rbnz. govt. nz ) 22 see debtmanagement. treasury. govt. nz / investor - resources / 202223 - new - zealand - government - bond - programme - set - nz25 - billion specifically : “ from 2022 / 23 onwards, sales by the reserve bank of new zealand ( rbnz ) of nzgbs held under the large - scale asset purchase ( lsap ) programme, to new zealand debt management ( nzdm ), are incorporated in the forecasts at a rate of nz $ 5 billion per fiscal year. this leads to higher gross issuance, and nzgb repurchases, of a total of nz $ 20 billion

is important to the bangko sentral ng pilipinas. both mr. zink and mr. pilling have given us a useful and comprehensive background on the objectives, issues, efforts being made towards expanding financial education and inclusion. i would like to tell you about our experience at the bsp. the vision of the bsp as the country ’ s monetary authority and supervisor of the banking system is to be a catalyst for a globally competitive economy and a financial system that delivers a high quality of life for all filipinos. while financial education may not immediately be considered a core function of a monetary authority or a supervisor of the banking system, it is actually quite intrinsically linked to our overarching goal and vision. to us, financial education empowers people to manage their resources with prudence, instills the discipline of saving regularly, and safely grow their money. thus, we believe that financial education empowers the citizenry to become effective partners of the bsp as productive economic agents and improves people ’ s lives. with the importance we attach to financial education, the bangko sentral is implementing a nationwide economic and financial learning program. we follow a multi - dimensional strategy bis central bankers ’ speeches covering 1 ) the learning sector including schools, public and private sector research work, and 2 ) the transacting public. for the “ learning ” sector, we created economic and financial learning centers at our head office, three regional offices and 18 branches across the country. these are our primary in - house communication channels and the public ’ s focal point of contact in the bsp on information concerning economic and financial matters. the bsp also conducts outreach activities, such as targeted seminars and expos to promote greater awareness and understanding of essential economic and financial issues. for the transacting public, the bsp created the financial consumers affairs group ( fcag ), a unit dedicated to assisting consumers who have concerns related to banking and financial services. we have also forged partnerships to broaden and deepen our reach. among others, we are in partnership with the department of education for the integration of lessons on saving and money management into the elementary education curriculum of our 14 million elementary pupils. parallel to this, we forged partnerships with the bank marketing association of the philippines for the development of affordable child - friendly bank products including savings account with a minimum opening balance of p100 or less than us $ 3. 00. we have also partnered with international organizations to help us benchmark our