benoit cœure : european ccps after brexit speech by mr benoit cœure, member of the executive board of the european central bank, at the global financial markets association, frankfurt am main, 20 june 2017. * * * thank you for inviting me here today. in my short remarks i would like to say a few words about a topic that has received much attention lately : central clearing, and its importance for central banks in the context of brexit. the extensive coverage of central counterparty ( ccp ) clearing in the press and other media these days shows how critical these infrastructures have become since the financial crisis. it is easy to see why ccps have become so important for financial stability. they helped fix a major defect in our financial system, namely the reliance on, and associated counterparty risk of, opaque bilateral over - the - counter trading of derivatives. in our highly interconnected markets, ccps have thus become effective vehicles for reducing systemic risk in our financial system. and in doing so, they play a key part in ensuring that central banks are in a position to pursue their primary objective : price stability. our challenge today is to ensure that ccps do not themselves become a risk to financial stability and, hence, generate potential impediments to the transmission of monetary policy. ccps have grown in scale and scope to the extent that a disruption affecting a major ccp would have a significant impact on banks, markets and the instruments we rely on to perform our core central banking activities. 1 for example, many of our key monetary policy counterparties in the euro area are participants in ccps around the world, and are thus directly exposed to potential strains in centrally cleared markets. asset classes such as repos, which play a direct role in our monetary policy operations, are increasingly being cleared through ccps. any closure of certain repo market segments due to a ccp failure would therefore inevitably limit our ability to align money market conditions with our monetary policy intentions. moreover, financial stress resulting from a struggling ccp could have a knock - on effect on the smooth operation of payment systems, with obvious and probably serious consequences for the real economy. in a severe crisis, we might even be expected to extend emergency lending to a failing ccp or to its participants although this would only be done at our own discretion : an automatic right to central bank liquidity could create serious moral hazard concerns. 2 in short, the safety and soundness of ccps matters

lesetja kganyago : honouring the life and legacy of a doyen of black business address by mr lesetja kganyago, governor of the south african reserve bank, at the memorial service for the late dr sam motsuenyane, sandton, johannesburg, 7 may 2024. * * * good afternoon, and let me once again share my deepest condolences to mme motsuenyane and the family, the bakwena - ba - modimosana farming clan and dr motsuenyane's many near and dear friends. there are so many black men and women in south africa who can relay a story of when they first heard about the legendary sam motsuenyane – starting as far back as the 60s, 70s, 80s and, of course, the decades that followed. i mentioned those three decades specifically because, as a black person, and an african in particular, it was painfully difficult to start a business, to operate in a politically volatile and economically hostile environment. but dr motsuenyane took the courageous decision to defy the apartheid policies aimed at excluding him from the formal economy. and defy the odds, he surely did. i was a youngster when the tales of him and other doyens of black business were shared with me by our elders. there was such respect and pride when these stories were told of a man who was relentless in his drive for excellence, for success, for growth, for wealth creation, for economic development, and most importantly, for uplifting communities. for nearly eight decades, he worked tirelessly across so many areas – starting with the founding of nafcoc in 1964, followed by a dream to establish a bank that would serve the unbanked and underserved african community. that perseverance and determination paid off. when i visited him in winterveldt, he lamented the many members of his family and friends who told him to throw in the towel when it seemed they were not going to raise the capital needed to get a banking licence. but true entrepreneurs do not give up. inspired by black business owners in the united states who had established their own bank, he and others set out to convince people from across the country to invest. any amount, big or small, was welcomed as they moved one step closer to realising this dream. a genius strategic move sealed the deal. in 1972, he, together with a group of business