for example, we have introduced and tailored our macroprudential mortgage measures, we have added to our consumer protection code, strengthened the requirements of the arrears framework and worked with industry to enhance supports they offer. all of that has led to a position where we now have one of the strongest frameworks in europe to help us deliver better outcomes for consumers. these measures, and positive developments in the irish economy in recent years mean households have entered this cycle in a more resilient position. the macroprudential measures we introduced have limited over - borrowing and over - lending, which was a problem in the past. this means that the household sector as a whole now has a debt to income ratio of 90 per cent, compared to 200 per cent in 2008. this lower indebtedness provides greater resilience in the face of rising interest rates. in addition, the balance sheet of the household sector has been bolstered by record levels of savings, although – of course – these are not distributed equally across households. the strong labour market and record levels of employment have also been supporting income growth. notwithstanding this aggregate resilience of the household sector, given the challenging macro - economic environment, we expect that some people will unfortunately find themselves in financial difficulty. since i was last before you earlier this year, we have continued to progress our phased work with mortgage providers ( and servicers ) and their representative bodies. as we outlined in our update published in april, the initial phase of our work established that, properly applied, the regulatory framework is well - positioned to deliver for consumers in this current context. our analysis has also shown that there is no evidence of discrimination for switching applicants coming from non - banks based purely on where their mortgage is currently held. as we have progressed our current phase of work, we have seen tangible outcomes emerge from individual firms and collectively including : firms have further developed their early warning indicators to improve their identification and proactive engagement with customers who are in, or in danger of, falling into arrears. 4 / 5 bis - central bankers'speeches in response to these early warning indicators, firms have introduced a range of measures to help support borrowers including increased resources to support customers. firms have continued to enhance the alternative repayment arrangement supports ( or aras ) for borrowers in or facing arrears including the introduction of fixed rate ara options which has been announced publicly. firms have enhanced borrower communications initiatives on switching and some have launched pro

for more individuals and business : the introduction of the basic bank account ( bba ) with minimal charges aimed to benefit low income earners of the society was one pragmatic intervention. all commercial banks have introduced this type of an account, meeting the set standards. the number of active basic bank accounts has increased from 59 022 in 2012 to 385 224 by december 2016. the other intervention was the standards on cash deposit fees which removed all cash deposit fees charged by banking institutions to all accounts of individuals and accounts belonging to businesses with a turnover of n $ 1 million or less which become effective from 31 march 2015. 12. coupled with the above interventions, the bank of namibia has joined hands with other institutions such as the development bank of namibia to work on the sme financing strategy for namibia. the strategy comprises of three complimentary facilities namely : credit guarantee scheme, venture capital fund, and coaching and mentoring programme. this strategy is at an advanced stage and once implemented it is expected to significantly improve access to finance for small and medium enterprises in namibia. local ownership of commercial banks 13. lastly, in line with the aspirations of the namibia financial sector strategy and the financial sector charter which advocates for some degree of localization of the financial sector, the bank has proposed changes to the ownership structure of new banking institutions in the draft amendment banking institutions bill which is under the consideration of the minister of finance. the amendments will mean that new entrants will be subjected to minimum participation of local ownership. 14. existing banking institutions have also agreed to increase local shareholding. other encouraging avenues of fostering local ownership include the listing on the local stock market and selling of existing shares to employees. our expectations are that within the next two years the remaining banks should follow - suit to by either listing on the namibia stock exchange or through private placements. ladies and gentlemen, 15. i am delighted to note that letshego namibia has shown a strong commitment to become a strong player in the financial sector in namibia. equally, it is pleasing to learn that letshego namibia is considering to list of the nsx, a move which will open doors for the ownership of the group to many namibians and at the same time improving the namibian capital markets. this is indeed a commendable step. going forward, i want to strongly urge letshego namibia to continue to ensure fairness to its customers as this too will contribute to further development of namibia. furthermore, i ’ m encouraged by letshego ’