reassurance - to financial intermediaries and to the public more broadly - that should help to avoid undue precautionary behaviour which might otherwise prove disruptive. a second challenge is the advent of the euro - and on this score, too, i have very few misgivings. even before the introduction of the new currency the city played a very positive role in its technical preparation - and one which has been widely acknowledged. and since that introduction the city has continued to play a very active part in the development of the broader, more liquid, financial markets which the euro has made possible, and which are vital to its success as a widely - used international trading and investment currency. this activity is in fact the greatest contribution that the uk can make to that success from the outside. of course the city is in competition with other financial centres elsewhere in europe. but as i have often pointed out before, at the macro - economic level such competition is a positive -, not a zero - sum game from which we collectively, borrowers and lenders and market intermediaries, all stand to gain. i have every confidence in the ability of the city to thrive in this competitive environment - but it will thrive not at the expense of the rest of europe but alongside other european financial centres. and in that context suggestions that we should be somehow artificially disadvantaged are irrational. the third challenge confronting the city - and a much more fundamental one - is the accelerating advance of information and communications technology which is currently sweeping across the whole of the global economy. in the financial services sector in particular it is the major driver of change and innovation. it makes possible the introduction of a whole raft of essentially new financial services and products, and it is radically changing the way in which they and existing services and products are delivered, whether in wholesale or retail financial markets, at a fraction of the existing cost. in wholesale markets it will affect the whole spectrum of activity - from trading through payments and settlements, across the whole range of financial instruments, across national boundaries - not simply within europe although that is an immediate focus of attention - and it has the potential to alter fundamentally the relationships between end - users of the markets, intermediaries and exchanges. and, at the retail level, too, we will all eventually need to learn to live with totally new, and more efficient, ways of doing things - though that will no doubt come harder to people of my generation! i don ’ t think anyone at this stage

eli m remolona : protecting the banking system as a whole speech by mr eli m remolona, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the philippine deposit insurance corporation stakeholders'appreciation night, manila, 20 june 2024. * * * magandang gabi po. president bobby tan, members of the pdic ( philippine deposit insurance corporation ) board of directors, members of the pdic management, pdic's institutional partners, good evening. as the pdic's 60th anniversary celebration draws to a close, we would be remiss if we did not express our gratitude to our stakeholders. the pdic's relationships have been crucial to the organization's success. so, tonight is a stakeholders'appreciation night. as president bobby tan said, when the pdic was established in 1963, it was the first institution in east asia to offer deposit insurance. since then, it has stood as a bulwark against banking crises. yes, the pdic provides depositor insurance. but its most important role, by far, is to protect the banking system as a whole. when a mass of depositors decide to withdraw their money, even when they do not need it, then you have what constitutes a bank run. this bank run can have catastrophic consequences for the financial system, the economy as a whole, and our people. we look to the pdic to stop such a run in its tracks. in the late 1990s, the asian financial crisis shook the region's economies to their core. a decade later, the philippine banking system itself was shaken by the legacy group scandal, which led to the collapse of 48 banks across the archipelago. the pdic plays its most critical role during times like these. it does this by restoring confidence among depositors. today, i am proud to say that the bsp itself is one of the pdic's stakeholders. we work very closely together and try hard to maintain the stability and resilience of the philippine banking system. together, we are stronger in facing the challenges ahead. so, cheers to our enduring partnership. and cheers to our stakeholders. maraming salamat po at mabuhay tayong lahat! 1 / 1 bis - central bankers'speeches