the last decade in many advanced economies, credit providers, which are financed through deposits or bonds issued to the public, and entities that settle most of the payments in the economy have systemic importance for financial stability and therefore we will insist that they continue to be supervised by the bank of israel. this is also the trend we are beginning to see worldwide, such that more and more central banks are being given responsibility for financial stability, together with the tightening of regulation of banks and nonbank entities. the bank of israel, like other central banks worldwide, has the necessary knowledge and expertise and is the entity most capable of supervising systemically important financial institutions. reducing the supervisory powers of the bank of israel in order to ease prudential supervision will create trends that are liable to pose a risk to the stability of the economy. it is interesting that although many countries have learned the hard way how much damage a lack of stability can cause depositors and taxpayers, there is no lobby for stability. there is no public cry to “ promote stability ”. therefore, it is also important that an apolitical entity, which is not measured according to its day - to - day popularity, will have responsibility for maintaining stability. we will continue to work according to these principles in the future, with determination and with the sense of purpose and responsibility that is required for this important task. therefore, we will oppose any change in the regulatory structure that will reduce the bank of israel ’ s ability to fulfill its role in preserving stability. our position with respect to competition and stability is also based on our position with respect to the recommendations of the strum committee. we are in favor of measures to strengthen competition but are opposed to measures that will negatively impact the consumer. for example : the strum committee recommendation to prohibit the issuing of credit cards by the banks : this will create essentially a monopoly of three companies that will be issuing credit cards as opposed to 10 today. it is easy to see that this will lead to an increase in the price of credit. for example, when the mobile telephone market was opened to competition, the existing companies were not prevented from selling devices, maintaining their customers and recruiting new ones. bis central bankers ’ speeches the bank of israel is opposed to separating cal - cartisey ashrai leyisrael ( israel credit cards ) from the banks that own it. leaving cal - cartisey ashrai leyisrael ( israel credit cards ) in the hands of discount bank and first international bank will strengthen

( cda ), and • bangko sentral ng pilipinas bis central bankers ’ speeches these agencies each crafted tactical plans, a set of specific, measurable, achievable, realistic and time - bound ( smart ) actions that contribute to the achievement of nsfi objectives, in line with their mandates. these plans, together with a proposed measurement framework, were submitted to the president in december 2015. in that submission, the nsfi agencies also proposed formalization of a financial inclusion steering committee to provide strategic guidance, strengthen coordination and facilitate efficient implementation of initiatives enrolled under the nsfi. some of you raised a similar suggestion during the nsfi consultations, with the intent to ensure sustainability of initiatives and accountability in progress monitoring. the proposed executive order ( eo ) is with the office of the president for consideration. while we wait for – hopefully – some good news on the eo, we persist with the work already begun. in today ’ s program, co - chairs of the nsfi inter - agency working groups ( wgs ) will present a thematic overview of the tactical plans. the detailed description of policies and programs contained in the plans were earlier provided to all participants. each initiative, classified under key focus areas of the nsfi – policy and regulation, financial inclusion and consumer protection, and advocacy programs – is described in detail. at a glance, you can see the objectives, target market, timeline, status of implementation, implementing partners, and measurable indicators of success. the inter - agency wgs worked on these plans right after the launch, and are working even harder to implement and monitor milestones. we acknowledge the wg members who joined us today. do take advantage of this opportunity to engage with them. the wgs are open to your constructive feedback on ongoing measures, and bright ideas on future action plans that we can all work together under the nsfi “ umbrella ”. this brings me to the next objective. identification of areas for collaboration, partnership or support we hope that the information on the plans can already inspire development partners and private sector representatives present today to contemplate possible ways of supporting the nsfi. the plans contain measures already in operation, but there is always room for convergence with private sector actions. this is not meant to pressure you, but let me share some examples of private - led programs categorically designed to support nsfi : international research institutions like ideas42 and innovations for poverty action ( ipa ) – respectively known for using behavioral