##uritian holds a bank account, we believe that educating our population is a non - stop process in the pursuit of a stable and inclusive financial system, especially in the light of innovation and digitalisation. ladies and gentlemen all of you present here have been heavily involved in tailoring policy measures for financial consumer protection. we continue to devote resources to empower our population through financial education and enhance protection for consumers. 3 / 5 bis - central bankers'speeches however, it is also the duty of financial services providers to adopt sound business practices and promote fair and equitable treatment of consumers. a satisfied customer will pave the way for further business through favourable reviews. on that front, i also need to underscore the importance of clear and adequate disclosures. it is this information that would help consumers make informed decisions as well as ensuring that the products are suitable for them. providers of financial services should, therefore, furnish the right information to their customers in a plain and simple language so that they are aware of all benefits and risks before going for a product. i agree that it may entail some additional costs on their side. however, focus on short term profits could entail long term pain for both consumers and providers of financial services. ladies and gentlemen it is essential to have regular dialogue with our licensees on this topic. at the level of the bank, quarterly meetings are held with the chief executive officers of banks to discuss topical issues, including those pertaining to bank customers. at the level of the bank, we have initiated a joint committee comprising representatives of the bank and commercial banks to discuss financial literacy and consumer protection matters. further, a guideline on control of advertisement is in place which sets out the broad principles applicable while framing out an advertisement. we are also working on the establishment of the deposit insurance scheme of mauritius. to this effect, the mauritius deposit insurance corporation is being set up as we speak. this initiative is the result of a collaborative approach with all participants to the scheme. the bank is currently in discussion with the international association of deposit insurers to learn from best practices as we move forward. consumer protection will not be effective if redress becomes a protracted process. in view of improving effectiveness, a dedicated financial crimes division has been set up. this no doubt reinforces the position of consumers and give credence to their rights. ladies and gentlemen my remarks will not be complete if i fail to mention an aspect which is of high relevance to all of us, namely

committee operates a number of sub - committees to examine certain areas in detail – compliance, treasury and payments system. information technology banking technology has been evolving rapidly and has become a key driver of financial sector efficiency. on the technological front, the bank has embarked on various projects which are at different stages of implementation : • the cheque truncation project • the mauritius automated clearing and settlement system • the regional payment and settlement system • the mauritius credit information bureau ( click here for further details on information technology projects ) towards a more modern and efficient bank in 2008, we have moved to a new building, the bank of mauritius tower. this has been a key element in the transformation of the work of the bank now that it is properly housed and equipped with advanced information and communication technology. ( click here for further details on the new headquarters building and the regional office in rodrigues ) the restructuring a modern and efficient institution requires a workforce that has the requisite skills and knowledge. in 2008, we rejuvenated and strengthened the workforce by recruiting additional staff and promoting others in some critical functions of the bank. to meet the need to constantly upgrade and develop skills, more than 50 officers, out of a total professional staff complement of around 125, were sent on training courses abroad. these covered a wide range of topics, such as monetary policy, payment and settlement issues, supervision, and accounting and auditing for central banks. the programme of continuing education and training will make further progress in 2009 with a special focus on international financial reporting standards. in 2009, we are organising a calendar of in - house training sessions for all levels to make the bank an organisation in which staff are multi - skilled, flexible, adaptable, innovative and able to think laterally. some of the courses include customer care, executive programmes for effective management and leadership, efficient communication and a better understanding of applicable law, including the bank of mauritius act itself. this year we are also targeting our rodrigues office for special attention. the staff will have the chance to come to the head office at regular intervals on induction courses to involve them more in the development of the bank ’ s operations and functions. bank charges – shop window for customers many people have complained to us about the variations in charges between banks and the difficulties in finding out what they are. this is where a central bank can help to make banking easier for the customers we all serve. we have addressed this issue during the year. since, november 2008, information on the fees and