were conducted of external stakeholders. the results of these surveys were combined with a global scan of central banking issues and domestic and global economic and financial developments. our aim is for sbp to be a role model for corporate best practices in pakistan and to deliver effective and efficient outcomes at every level. we need to empower all staff members to help deliver sbp vision 2020 and drive the organization ’ s change. in this respect, our core values of integrity, accountability, teamwork, courage, excellence and result orientation shall be the focus for further inculcation into the sbp culture. sbp vision 2020 organizes activities around the six strategic imperatives which include : enhancing the effectiveness of monetary policy ; strengthening the financial system stability regime ; improving the efficiency, effectiveness, and fairness of the banking system ; increasing financial inclusion ; developing modern and robust payments systems ; and strengthening sbp ’ s organizational efficiency and effectiveness. bis central bankers ’ speeches around 50 percent of pakistan ’ s adult population has no access to financial services such as formal savings, payments, deposits, credit or insurance. despite efforts, the level of financial inclusion has remained very low, and the need for a new comprehensive national strategy has been recognized. following extensive development and consultation, the national financial inclusion strategy was launched in may 2015. sbp vision 2020 with respect to increasing financial inclusion is closely linked to implementation of the nfis. the nfis creates the foundation for sbp, the government and private sector to implement a comprehensive set of coherent and sequenced reforms needed to make a meaningful impact on financial inclusion in pakistan. the nfis will guide efforts to promote financial inclusion over the coming five years. apart from its core functions, the sbp is playing an important in preserving the cultural heritage of the country. in this regard, state bank museum and art gallery has a prominent role. in a very short span of time the state bank museum has become the member of international forums such as international council of museums and commonwealth association of museums. as an ongoing drive state bank has taken another pioneering initiative by inviting private collectors to be part of sbp museum, by donating or selling their collections, which will be preserved professionally under an ideal environment, not only this but depending on the size and type of the collection, sbp museum will reserve a corner, or show space in the name of the donor. i am very pleased to see the positive response of the citizens and collectors. i am pleased to welcome pakistan ’ s renowned artist mr

bagehot, that central banks should lend freely to solvent institutions against good collateral, at a penalty rate of interest. 7 the fed used its lending tools extensively during the 2008 financial crisis. relying heavily on discount window lending authority and emergency lending facilities under section 13 ( 3 ) of the federal reserve act, the fed provided emergency liquidity to support individual firms that were under severe stress, and to facilitate the flow of credit more broadly. of course, the financial crisis left a lasting imprint on many americans who suffered significant economic harm, many of whom have not yet fully recovered. it also prompted congress to review and amend the fed ’ s authorities through the dodd - frank wall street reform and consumer protection act ( dodd - frank act ). the banking system today is stronger and more resilient than it was before the 2008 financial crisis with significantly more capital and substantially more liquidity. u. s. banks are also subject to a host of supervisory tools that did not exist prior to the dodd - frank act, like new stress testing requirements. 8 many of the regulatory changes implemented at that time were designed to reduce the probability of large bank failures, but the statute also mandated other changes designed to improve the likelihood that failing large banks could be resolved without broad systemic disruptions. 9 of course, these changes were additive to existing authorities that carlson and rose, “ stigma and the discount window. ” walter bagehot, lombard street : a description of the money market ( new york : charles scribner ’ s sons, 1897 ). 12 u. s. c. § 5365 ( i ) ( 2010 ). 12 u. s. c. § 5365 ( d ) ( 2010 ). - 4are meant to promote banking system resilience, particularly the other core element of the federal safety net, deposit insurance. 10 congress also made significant changes to the fed ’ s emergency lending authority. for example, section 13 ( 3 ) facilities must now be broad - based, rather than designed only for individual firms, and must be approved by the u. s. treasury secretary. in addition, loans can only be made to solvent institutions, and there are new collateral and disclosure requirements. 11 further, while the dodd - frank act preserved the fed ’ s ability to make discount window loans to eligible borrowers, including depository institutions and u. s. branches of foreign banks, it made some modifications. notably, one change that i will return to later is the new requirement that discount