financial inclusion is not an end in itself. having a bank account, or an insurance coverage, does not mean an enhancement in the economic position or well being of a person. but it acts as a facilitator. in zambia, following the launch in 2004 of the financial sector development plan ( fsdp ), a lot of work has been undertaken in addressing the weaknesses in the zambian financial sector, including the level of financial access. some ground - breaking market studies that have helped characterise both the demand and supply side issues peculiar to the zambian financial sector have been undertaken. most of you will be aware of the 2005 finscope study findings which showed that only 33 % of zambia ’ s adult population had access to any formal or informal financial service or product. arising from this, government in collaboration with cooperating partners developed a performance assessment framework, under which a target of at least 50 % by end - 2009 has been set for the level of financial access. the findings of the on - going follow up survey, whose results are due to be finalized by the end of this year, will give us an indication of the direction and level of access today. honourable minister, distinguished ladies and gentlemen, before the end of fsdp phase i, which ran from july 2004 to june 2009, it became quite apparent that a number of challenges and recommendations would arise which would not be possible to implement within the initial five year period approved by cabinet in 2004. in addition, there were new developments, coupled with key recommendations from the second financial sector assessment programme ( fsap ) of 2008, which required to be incorporated into the fsdp. therefore, the second phase is envisaged to deal with longer - term issues pertaining to the overall strengthening of the legal framework for the financial system. it is for this reason that we are gathered here today as stakeholders to share information on the progress to date and to adopt a strategic implementation framework for the work that remains to be done. distinguished guests, the tremendous support of the various stakeholders to the agenda of the fsdp cannot go unnoticed. the technical and financial support provided by a number of our development partners, including the swedish government, the world bank, imf, dfid, the united states treasury and first initiative have gone a long way in slowly but surely making this vision a reality. the bank of zambia and the government are, therefore, most indebted to our cooperating partners for helping us build capacity in our

jwala rambarran : the changing face of supervision feature address by mr jwala rambarran, governor of the central bank of trinidad and tobago, at the caribbean group of banking supervisors xxxii annual conference, port of spain, 5 june 2014. * * * good morning, to all our friends from the caribbean and beyond, i extend a warm welcome to trinidad and tobago. for the next two days, you will be discussing, “ the changing face of supervision ”. to us, it ’ s a catchy theme, but just say this to the man on the street here in port of spain, in kingston, or even in castries, and they will see little connection to their lives. but if their bank crashed next week and they can ’ t access their life savings, the man in the street would immediately demand an explanation. fingers would naturally point towards government who would rightfully say “ talk to central bank, it ’ s their job ”. the “ who ” is to blame would be of little comfort to the man in the street who has lost his money. however, someone must be called upon to account for the bank failure and, of course, that “ someone ” will be us, the central bankers. if i sound like i ’ m talking from experience, well, you all know that i am. following the collapse of clico, our largest insurance company, we at the central bank of trinidad and tobago, have been listening to these sentiments repeatedly over the last five years, and we know many of you in this room have also had to deal with the contagion effects of the clico crisis which sent shockwaves throughout the caribbean. so, i therefore want to give you three messages, as we begin this conference on the changing face of supervision. 1. first, let ’ s consider clico and its contagion as an early warning for us in the caribbean region. let ’ s look at it as a warm up for something even bigger, as the risks to the regional financial system are ominously gathering in the distance... this leads to my second message. 2. our protection against those gathering storms is changes in the approach to supervision … and finally my third message. 3. the changing face of supervision is each one of you in this room. i ’ m going to start with my third message first – you – the face of supervision, as each of you represents the change that needs to occur in supervision. as supervisors