adapt and evolve as well as collaborate. i am glad that most of you have adopted such a collaborative approach, but please bear in mind that the principal responsibility to your customers lies with you and not with your partners. it is therefore essential to have adequate oversight whenever a product or service is being offered through such partnership channels. warren buffet says " it takes 20 years to build a reputation and five minutes to ruin it. if you think about that, you will do things differently ". the manner in which you handle customer complaints impacts your reputation to a large extent. therefore, i would urge you to focus on a customer centric approach in implementing robust, effective and efficient customer grievance redress mechanisms in your respective institution. in this journey, as a regulator, we are keen to walk alongside the regulated entities, as we believe that together we can protect the customers'interest better, so feel free to share 4 / 5 bis - central bankers'speeches your feedback with our team. with this i wish you successful and meaningful deliberations at this conference. thank you. 1 gates, bill. business @ the speed of thought. grand central publishing, 1999 2 walton, sam. sam walton : made in america. bantam, reissue edition 2012 5 / 5 bis - central bankers'speeches

of the central bank but the average interest rate of the repo auctions, which is the basic funding instrument. therefore, in case of tightening in liquidity, the interest rate taken as a benchmark by the market would have increased merely due to the decline in liquidity. in order to avoid the negative impacts of such a situation, the central bank could lower its borrowing and lending interest rates – provided that the inflation outlook is stable – so as to encounter the pressure created by liquidity shortage on overnight interest rates. however, such an interest rate cut would only mean a technical arrangement stemming from the change in liquidity conditions. therefore, such a move should not be perceived as loosening of monetary policy. the central bank does not foresee any significant changes in the general framework of the liquidity management for 2008. accordingly, 2008 liquidity management strategy will be as follows : i ) the central bank will continue to announce overnight borrowing and lending rates between 10 : 00 - 12 : 00 and 13 : 00 - 16 : 00 in the interbank money market within the cbrt. in case of a liquidity shortage during the day, banks will be able to borrow at the central bank ’ s lending rate against collateral within their limits. in the event of a fall in interest rates due to increasing liquidity, banks will be able to lend new turkish lira to the central bank at the central bank ’ s borrowing rate without any limit. ii ) the central bank extended the transaction hours of late liquidity window facility from 16 : 00 - 16 : 30 to 16 : 00 - 17 : 00 and on the last working day of the required reserve provision to 16 : 00 - 17 : 15 as of july 9, 2007 in order to increase the flexibility and effectiveness of the liquidity management of banks. the central bank will continue to provide late liquidity window facility such that banks may borrow from the central bank against collateral, and lend to the central bank without any limit within the hours mentioned above. iii ) in case of a temporary or permanent liquidity shortage, the central bank will continue to carry out its liquidity management through one - week repo auctions. when there is liquidity shortage in the market, the central bank will announce the amount of repo auction for that day on reuters ’ “ cbtf ” page at 10. 00. as long as no extraordinary fluctuations are observed in the market, the central bank, while determining the amount of the auctions, will endeavor to maintain