maximum intraday credit of 1 billion euros per bank to credit institutions in their euro rtgs systems against the deposit of appropriate collateral. spilling over into an overnight credit and the associated monetary policy implications are to be prevented by repossession of the intraday credit at an earlier closing time and the setting of high penalty rates. i would like to venture a brief look forward to the future payments landscape in europe. features of foreign payments owing to the comparatively small number of cross - border transactions, there has so far been no real pressure for rationalising foreign payments. most cross - border payments are still settled through a large number of correspondent banking relationships and, typically, with a two - day value date. apart from the exchange of swi. f. t. messages, very little is standardised there are only the beginnings of a standard international bank code, for example. complicated pre - printed forms and statistical reporting obligations make a simple exchange of payments more difficult. however, this should not be regarded as an excuse for the existing shortcomings in cross - border payments, such as long settlement times and high charges still mainly occurring in the retail segment. in the euro area, these differences when compared with the efficient and costeffective operations of the national systems will become very obvious and create political pressure on us all. in the interests of a fully functional european market, foreign payments will, at all events, need further improvements. large - value payments as a result of their importance for monetary policy, large - value payments are especially “ close to the heart ” of the central banks. in order to guarantee a single money market and the necessary interest rate arbitrage in stage three of emu, it will be necessary to settle payments - including cross - border - payments - not just within one business day but, where possible, within a matter of a few minutes. the target system which has been developed by the central banks is thus the key medium for implementing the single monetary policy and an efficient euro money market. target will not be the only large - value payment system in the eu, however. net settlement systems, too, may continue to operate if they meet what are known as the lamfalussy minimum standards and settle payments through central bank accounts. thus, the net settlement system of the euro banking association ( eba ), which still settles transactions in private ecu, is being re - equipped to process euro payments in future. in addition to this crossborder system, there will

the experiences of the 1970s and early 1980s, which were characterized by turbulence and economic hardships, the bank of uganda nevertheless contributed significantly towards the achievement of several national economic goals, while upholding its mission of fostering price stability and a sound financial system, which you will all agree with me, have been achieved. these achievements should give a cause to celebrate. as a “ pillar of the economy ”, it is gratifying for me to note that the bank of uganda has credibly delivered on its mandate and assisted towards the maintenance of a sound economy in uganda. this, of course, has not come about without its challenges. it is now my pleasure to invite the hon. minister of finance, planning & economic development to give his remarks and later invite his excellency to officially open this exhibition to the public, launch the book by prof mutibwa, release our commemorative coin, give awards bou ’ s best staff performers and winners of the essay competition for primary schools.