louis kasekende : developments in uganda ’ s banking industry speech by dr louis kasekende, deputy governor of the bank of uganda, on the occasion of celebrating forty ( 40 ) years of tropical bank limited ’ s banking operations in uganda, kampala, 4 december 2013. * * * your excellency, the president of the republic of uganda the hon. minister of finance, planning and economic development the board of directors, tropical bank limited the managing director and senior management of tropical bank limited invited guests in your respective capacities ladies and gentlemen i wish to first and foremost, welcome and thank his excellency the president of the republic of uganda, president yoweri kaguta museveni for taking time off your busy schedule to come and join us at this auspicious occasion when tropical bank limited is celebrating forty ( 40 ) years of successful operations in uganda and also launching its new corporate identity. i also wish to congratulate the shareholders ( the governments of libya and uganda ) together with the board of directors, management and staff of tropical bank upon the attainment of 40 years of banking operations in uganda. tropical bank, as you have already heard, opened its doors to the public in uganda in 1973 under the name the libyan arab bank for foreign trade and development. in order to suit the changing trends and maintain its competitiveness in the banking industry, tropical bank has rebranded a number of times since inception in 1973. in 1994, the bank ’ s name was changed from libyan arab uganda bank for foreign trade and development to tropical africa bank limited. in may 2006, the bank again changed its name to tropical bank ltd. your excellency, please allow me also to point out that the bank has continued to work very closely with bank of uganda especially during its challenging times. in 2011, the un security council imposed a freeze on assets of the government of libya and associated entities including the libyan foreign bank, the majority shareholder of tropical bank. consequently bank of uganda on march 25, 2011 put in place measures that were intended to protect the interest of depositors. tropical bank continued to operate normally and remained in a safe and sound condition. the bank ’ s financial condition has remained strong with capital position of shs. 46. 51 billion ( well above the statutory requirement of shs. 25bn ), branch network of ten ( 10 ) and sixteen ( 16 ) atms. the bank has also improved its it platform in order to provide customized financial services in the

these unusual market reactions occurred in 22 % of all cases before the financial crisis and in 23 % of cases since 2009 – so there has been no significant increase. concluding remarks ladies and gentlemen, this brings me to the end of my speech. the implementation of unconventional monetary policy poses a number of challenges. based on the examples of negative interest and foreign exchange market interventions by the snb, i have shown that the requirements, scope and complexity of analyses as well as the importance of regular market contacts have significantly increased in this environment. unconventional monetary policy has extended central banks ’ reach in the financial markets, and their direct influence on various financial markets has increased. to reiterate, this is desirable from a monetary policy perspective since it helps to transmit the required monetary policy stimuli to the economy and inflation. just how much the activity, sometimes intensive, of central banks on the financial markets has changed traditional price relationships and correlation patterns is difficult to answer definitively. however, it is still the case that financial market prices reflect investor expectations for the future development of the economy and inflation. i would like to thank you for your attention, and hand over to my colleague dewet moser. page 8 / 8 financial markets and monetary policy implementation – an evolving relationship andrea m. maechler member of the governing board of the swiss national bank money market event geneva, 17 november 2016 pre - crisis monetary policy focused on steering a short - term interest rate conventional interest rate policy banks capital market reference rate monetary policy money market foreign exchange market demand inflation other financial markets financial markets economy 17. 11. 2016 financial markets and monetary policy implementation – an evolving relationship | andrea m. maechler | © snb forward guidance and negative interest aimed at strengthening monetary policy transmission unconventional interest rate policy banks forward guidance negative interest monetary policy capital market money market foreign exchange market demand inflation other financial markets financial markets economy 17. 11. 2016 financial markets and monetary policy implementation – an evolving relationship | andrea m. maechler | © snb quantitative easing and foreign currency purchases directly influence various financial market prices balance sheet - related measures banks capital market qe foreign exchange purchases foreign exchange market money market monetary policy demand inflation other financial markets financial markets economy 17. 11. 2016 financial markets and monetary policy implementation – an evolving relationship | andrea m. maechler | © snb ( app ) ( lsap1 ) ( lsap2 ) ( mep ) ( apf ) ( qqe ) app = asset purchase programme,