cleviston haynes : finding opportunities in covid - 19 remarks by mr cleviston haynes, governor of the central bank of barbados, at the rotary club of barbados south luncheon meeting, christ church, 3 september 2020. * * * good day. i am honoured to have the opportunity to address you today. as an honorary member of this club, i have witnessed and come to appreciate the commitment and the sacrifices that you exhibit by giving back to a society that has given us so much. we are in the midst of a global pandemic that has disrupted our usual way of doing business. however, we have effected an orderly transfer of executive offices along the way. that transfer we recognise and celebrate today. mr. president, let me congratulate you and your team, and wish you much success in your stint as leaders of this club. you could not have offered to serve and to lead this club at a more demanding time, but i am confident that at the end of your term you and our club will have made a significant contribution to the well - being of our fellow citizens. let me also congratulate sonya alleyne. your pending elevation to the role of district governor is indeed a personal honour for you and an honour for the club. it is all the more significant because you are the first female in barbados to attain this prestigious office. for the past six months we, as a nation, have had to confront the many challenges that covid19 presented. it has impacted our economy adversely, caused a shift in economic policy, generated considerable uncertainty and altered how we interact socially. this meeting, held partially face - to - face and partially by on - line attendance, is but one example of how things have changed. at the same time, covid - 19 is creating opportunities indirectly for new and improved ways of doing business, that could advance economic development. in short, it is proving to be transformative. when covid - 19 first emerged, few imagined how devastating it would be. now, worldwide, millions have contracted the disease and hundreds of thousands have died. fortunately, in barbados, we have only lost seven people to the ailment, a reflection of our successful containment and the adaptability of our people to changing circumstances. our initial optimism that this health issue might be solved in just a few months is no longer realistic. indeed, the world health organisation is now speaking of the crisis being over in two years. the economic impact

fernando restoy : the organisation of financial supervision speech by mr fernando restoy, deputy governor of the bank of spain, participating in the presentation of the “ guide to the spanish financial system ” ( guia del sistema financiero espanol ), compiled by afi ( analistas financieros internacionales ) and sponsored by funcas ( fundacion de las cajas de ahorros ), madrid, 18 january 2016. * * * introduction good afternoon. i should like to thank emilio ontiveros for his invitation to participate in the presentation of the seventh edition of the guide to the spanish financial system, compiled by afi and sponsored by funcas. thank you, also, emilio, for your kind and, as ever, overly generous introductory words. the new version of the guide accurately details the numerous changes in the wake of the crisis, essentially owing to the start - up of the banking union in europe and to the considerable reinforcement of regulatory requirements. as a result, the guide firmly stakes its claim as a reference that has proven extraordinary useful for helping to understand the complex mesh of spanish and european rules and institutions that make up the regulatory and supervisory framework of our financial system. this presentation also affords me an excellent opportunity to reflect on the different models for the institutional organisation of financial supervision and, in particular, on the possibility of making further adjustments to the supervisory structure currently prevalent in spain. that will be the focal point of my address. in this connection, i shall begin by discussing how supervisory structures have developed in the main european countries ; next, i shall refer to the changes brought on by the banking union ; and finally, i shall conclude with some comments on the spanish supervisory model. the organisation of supervision in the european countries financial supervision pursues numerous aims, encompassing the safeguarding of financial stability, the proper functioning of securities markets and investor protection. these aims are linked to specific functions such as oversight of the solvency position and liquidity of banks, insurance companies and other leveraged institutions whose activity involves risk transformation ; and monitoring of the conduct of institutions, intermediaries and other participants in the markets for financial products and services. recently added to these functions are the so - called macroprudential policies, geared to the containment of macro - financial risks, and the management of orderly resolution procedures for systemically important institutions. the adoption of a model of supervisory organisation involves defining a certain number of supervisory agencies and assigning to each of them a specific