prasarn trairatvorakul : financial inclusion and financial literacy in asia opening remarks by dr prasarn trairatvorakul, governor of the bank of thailand, at the oecd / thailand seminar on “ financial inclusion and financial literacy in asia ”, bangkok, 16 december 2014. * * * mr. andre laboul, chair of the oecd international network on financial education, distinguished guests, honorable speakers, ladies and gentlemen, good morning, i would like to start by welcoming you all to bangkok. it is a great honor for the bank of thailand to co - host the oecd seminar on financial inclusion and financial literacy in asia with our partner, the securities and exchange commission of thailand. and, it is my great pleasure to deliver the keynote speech at this very important event. many of you might question why the central bank governor is here at this forum on financial inclusion and financial literacy, as the governor should be more worried about the slowdown of growth in major economic sectors or macro - economic policies aimed at stimulating thailand ’ s gdp at this very challenging period in our country. the reason i am here today is that financial inclusion and financial literacy are the pre - requisites for solid development of the national economy and a sound financial system. ladies and gentlemen, the ultimate goal of the bank of thailand, as well as of other central banks, is to ensure sustainable economic growth which will enhance the well - being of our people. while assuring the progress of the financial system and well - established infrastructure in thailand, we also recognize the importance of consumer empowerment in our financial sector. as a consequence, we established the financial consumer protection center or fcc in 2012 to promote consumer protection. one of the fcc ’ s key tasks is to improve financial literacy of consumers. over the past few years, the fcc has continually been delivering financial education within its capacity through creative tools and communication channels. the fcc has been sending messages that would help shape consumers ’ behavior towards responsible finance practices, which would consequently lead to financial discipline of the entire nation. nevertheless, the attempt to improve people ’ s behavior to save and spend wisely has not yet been fully accomplished. household debt is still high at 70 to 80 percent of gdp for the past two years. crucial financial information and knowledge provided at point - of - sale were often ignored by customers. moreover, people still seek loans from alternative sources such as from the informal sector where interest rates are incredibly high and debt

paul hartmann : status and future of retirement funds in namibia address by mr paul hartmann, deputy governor of the bank of namibia, at the old mutual namibia “ retire right ” conference, windhoek, 23 february 2005. * * * the greatest problem about old age is the fear that it may go on too long. a. j. p. taylor chairperson, ladies and gentlemen, it is a pleasure to be with you this morning and to address this distinguished gathering. i would like to thank the organisers for this invitation and for putting together this conference. the theme of my remarks today is on the “ status and future of retirement funds in namibia ”. introduction as a starting point, it is necessary to recognise the principal role played by the financial system in any country is to provide the infrastructure to allow surplus resources to be allocated to those individuals and companies with deficits. the positive impact of a well - functioning financial system on economic growth of a country is well documented. in most countries, the financial system extends beyond traditional banking institutions to include insurance companies, mutual funds, unit trusts and other financial service providers. these non - bank financial institutions provide services that are not necessarily suited to banks, but they also serve as competition to banks. having a multi - faceted financial system, which includes non - bank financial institutions, can protect economies from financial shocks. however, in countries that lack a coherent policy framework and effective regulations, non - bank financial institutions can exacerbate the fragility of the financial system. there has been tremendous growth worldwide in the mobilisation of financial resources outside traditional banking systems. channelled mainly through capital markets, such rapid financial diversification is posing new challenges equally for investment managers as for regulators in many emerging and developing markets. the pension fund industry, in particular, has grown rapidly during the past decade, which is ascribed to a combination of demographic, political and economic influences. we also take note of the widespread turbulence which is affecting almost all social security schemes throughout the world. in retrospect, the 1980s and 1990s may appear as one of the great watersheds in the development of social policy. a large number of countries are at present contemplating, planning or implementing major changes to their existing schemes of retirement protection. the issues surrounding retirement funds which you are discussing today are so multi - faceted and affect so many people and households that it makes sense to host a conference of this nature. importance of the retirement fund industry let me start by looking