accompanied by effective institutional governance oversight arrangements – a responsibility over which you as hr directors have a direct contribution. as you deliberate on the important factors driving central banks in the 21st century, therefore, please pay attention to the need to distinguish between the external aspects of governance ( mandate and accountability ) and the internal ones ( structure, management and staffing ). staff, at all levels must understand the business of central banks and understand the environment in which banks operate for effective performance and service delivery in the fulfillment of central bank ’ s core mandate. ladies and gentlemen, one main issue that may bis central bankers ’ speeches need to remain under closer focus throughout this three day symposium is the daunting task central banks face as they prepare to enter an era of institutional and modernization reforms arising from changes in government policies and changes in the global financial markets. for those of you who manage human resource, you may need to seek answers to the following questions : how will duties of central banks change with anticipated global development and global responsibilities? how have demands on central banks changed – nationally and expectation? what capabilities need to be built? what can human resource do to facilitate the desired changes and ensure central bank executives have the right set of skills at all levels? central banks ’ modernization to conform to the ever - changing business environment and benchmarking against best practice is no longer an option. these changes will continuously take central banks into new horizons that bring forth both opportunities and threats that we need to mitigate against. ladies and gentlemen : in april 2011, i presided over a similar conference organized by the indian institute of banking and finance. at that event, i acknowledged the importance of such platforms for enabling banks to not only share experiences, but also to exchange ideas on innovations and other emerging issues that require the preparation of bank staff to cope with the ever evolving trends in the global financial scene. i therefore challenged institutions with similar mandate to embrace such platforms as an avenue for bringing together hr practitioners and policy makers in the banking sector to share ideas on innovations that require proactive hr training and development. i am therefore very pleased that ksms together with the cmi took up the challenge to organize this symposium as a forum for participants to reflect and debate current and emerging hr challenges that are likely to impact on the performance and service delivery of central banks in the region. ladies and gentlemen : there are a number of salient hr issues that are of concern to central bank operations and performance in the 21st century. let me list them : 1.

on leverage and additional guidance to limit liquidity mismatch for irish property funds. more broadly, we are working to develop and operationalise a framework for macroprudential policy in the non - bank sector with our european and international partners. international coordination is essential for such a framework and we will continue to push this agenda in eu and international fora ( like the esrb, fsb, and iosco ) to intensify the monitoring of vulnerabilities, including work to obtain a more complete picture of leverage in the financial system and addressing data and policy gaps. conclusion in conclusion, yes we've addressed the old fragility but no, our work can't stop there. in fact, we have much work to do to continue to build the resilience of the financial system. and in my view the non - bank financial sector should continue to be a top priority for financial stability policy makers in europe and across the globe. ultimately, financial fragility arises because of the lack of resilience. and resilience exists because it is actively looked for, not by waiting for a crisis to happen so that it can be addressed directly but by being front - footed, learning from history, and acting systematically and with urgency. 1 the incomplete nature of the banking union remains a key deficiency in the post - crisis reforms to the european regulatory architecture for banks, and is most notable in the ongoing failure to agree on the proposal for a european deposit insurance scheme ( edis ). a fully fledged edis remains the most comprehensive way to address the component of the bank - sovereign nexus that is channelled through reliance on national dgs schemes, which are underpinned by explicit or implicit sovereign guarantees. without edis, the european banking system will remain vulnerable to the banksovereign doom loop while measures to promote greater integration and cross - border banking will struggle to overcome persistent home - host cleavages at european level 2 the implementation of the final tranche of post - crisis reforms under basel iii, designed to ensure a consistent measurement of risk on bank's balance sheets, risks being drawn out through a number of deviations contained in the european council and european parliament's amendments as a result of which the full implementation of basel iii within the eu may not be achieved until 2032 at the earliest. 3 / 3 bis - central bankers'speeches