consequences if no end - date is set. currently, different options for a migration end - date are being discussed. a migration end - date, whether it is staggered by individual instrument or common to both the sct and the sdd, may be achieved through self - regulation by the banks or through regulation by the authorities. banks and regulation authorities will discuss what is the best way forward. the migration end - date ( s ) should be communicated in early 2009. communication the public at large still knows very little about sepa and its advantages. yet, users need to know more about sepa, sepa instruments and the different possibilities that exist to add features to core schemes so that they fulfil specific needs. in short, information about sepa needs to be communicated more effectively to users : sepa must be “ sold ” to users. continuous and increased efforts are called for to explain the changes and advantages that sepa will bring. it is up to the banking industry to provide more information to customers and to convince them with concrete, marketable and high - quality offers. banks have direct contact with their customers and are best placed to inform them. naturally, public authorities should also play a role in disseminating information and lead by example by actually using sepa products. however, it is crucial for banks to effectively communicate what sepa is about to users. esepa sepa does not stop at the development and implementation of the core sepa payment schemes. in order to ensure a competitive, forward - looking and innovative sepa, it is necessary to develop additional optional services ( aos ) that add features to the core sepa payment schemes. designing and offering payment services for specific contexts and channels will allow customers to realise cost - savings, reduce their risk and save liquidity. to be concrete, this is about priority payments, e - invoicing and e - reconciliation, mobile payments or payments at online merchants. studies have shown that e - services promise substantial economic benefits both on the demand and the supply side. thus, i expect that, in the future, this international payments summit will change its slogan from “ do you sepa? ” to “ do you esepa? ” conclusion i am convinced that sepa is more than just a passing fad. it acts as an engine for creating a more integrated retail payments market in europe, enabling competition and innovation, and making retail payments in general more efficient, safer and easier for users. let ’ s keep

bank amongst others of breaching a fundamental tenet of labour law relating to “ equal pay for equal work ”. the bank could have done without the strained industrial relations that resulted from this imbroglio. following the judgment of the supreme court ( see below ), this matter is now taking a different course. the latest development at the time of writing is that the bank has now been declared non - compliant by the labour tribunal. i shall come back to this in the next report. – the introduction of new technology and new work processes – as well as the need to change the competency mix at the bank to enable it to deliver effectively on its widening mandate – necessitated the introduction of a voluntary retirement scheme. fifteen long - serving officers of the bank opted to proceed on early retirement under the scheme. this will enable the bank to recruit extra staff with a different profile without increasing our head count. – well beyond the salary review exercise, it is my earnest resolve to channel more effort towards achieving operational excellence. we shall strive to align our business processes with international standards and best practices. we propose to implement a performance review system tagged to productivity. i believe strongly in periodically reviewing our scorecards. – we will also push for innovative approaches to manage and develop our people, fortify our management team, and continuously restructure in order to adjust to the requirements of an ever - evolving financial landscape. landmark supreme court judgment and fact finding committee pursuant to an enduring feud between a majority of ( external ) members of the board of directors of the bank and the executive management, the supreme court delivered a significant judgment in march 2010, finding in favour of management. – the supreme court clarified that the board ’ s statutory remit is to formulate general policy and not to be involved in the day - to - day administration of the bank. this judgment not only helps to clearly situate responsibilities but also paves the way for much healthier deliberations in the boardroom. – the year was also marked by the establishment of a fact - finding committee, chaired by a highly - respected retired chief justice, sir victor glover, kt, gosk. coming just after the supreme court judgment, the report of the fact - finding committee put paid to the smear campaign against the governor and confirmed that he had acted intra vires, without any abuse of power or authority as charged by his detractors. words of appreciation i wish to express my gratitude to dr the honourable navinchandra ramgo