key management personnel ; and separation of the positions of ceos and board chairs. a total of 184 bank directors undertook the mandatory annual directors ’ corporate governance certification training programme. of this number, over 50 percent have fully completed the programme, while the rest who are at various certification stages will be certified by the deadline of end - march 2020. 14. let me reiterate that as regulators, we will continue to commit our resources towards ensuring that financial institutions improve their internal controls and risk management systems since the safety and soundness of institutions pivots on these principles. also, we will continue to create an enabling regulatory environment that encourages innovation in the industry, while ensuring that we continually strengthen our supervisory and enforcement capabilities to ensure sanity in the industry. that way, we can ensure that ghana ’ s banking business is conducted in a safe and sound manner and with integrity, thereby retaining the trust and confidence depositors, and indeed the general public, reposed in the industry. 15. ladies and gentlemen, let me once again congratulate absa bank ghana and the absa group for the successful transition. i trust that we can count on your support as we move the banking sector to new heights in support of ghana ’ s growth and development agenda. thank you.

zdenek tuma : the interrelationship between monetary policy, price stability and financial stability speech by mr zdenek tuma, governor of the czech national bank, at the european banking and financial forum 2005, prague, 22 march 2005. * * * mr. president, excellencies, governors, distinguished guests, it is an honour to be opening the central bankers'forum. as the main part of the conference program concerns the financial sector challenges and opportunities in the “ new europe ”, the central bankers'panel has to necessarily reflect the close, particularly topical, issue of the financial stability and its relationship to a reasonable monetary policy conduct. while my colleagues will discuss mainly the particular issues of financial stability, i, having the privilege to be the chairman of the panel, would like to frame the discussion using a more general and historical context. bearing this perspective in mind, i would like to point to the interrelation between the ultimate goal of monetary policy, the price stability, and the financial stability. first of all, let me start with the definition of financial stability, simply assuming that price stability does not need any further explanation. to be as brief as possible, financial stability can be defined as the soundness of the financial system, that is, its resilience against various shocks. what i understand as a sound financial system can be thought of as a system that, firstly, enables individuals to do all the payments they want at the very moment they like, and, secondly, enables individuals to smooth their consumption across time by saving and borrowing. in this respect, the financial stability issue, which arose during the nineties, is not a completely new one. indeed, it has been of a significant importance since banking emerged. the long years of commodity money system ( so called “ golden standard ” ) could be characterised as years when money supply, i. e. the supply of gold, was so exogenous that it was even out of the central bank's control. consequently, monetary policy was relatively easy to do, just establishing the parity between the central bank banknotes and the gold, but the role of the central bank as a lender of last resort was relatively constrained. under those circumstances, the financial stability was naturally of a high importance, because for any commercial bank the attempt to “ run ” the bank could be deadly. moreover, this could cause stampede runs on others banks and bring the whole system to an end, as the central bank '