supported by the ecb ’ s accommodative monetary policy. at yesterday ’ s meeting, the governing council decided to keep the key ecb interest rates unchanged. we continue to expect them to remain at their present levels for an extended period of time, and well past the horizon of our net asset purchases. regarding non - standard monetary policy measures, we confirmed that our net asset purchases, at the current monthly pace of €30 billion, are intended to run until the end of september 2018, or beyond, if necessary, and in any case until the governing council sees a sustained adjustment in the path of inflation consistent with its inflation aim. the irish economy meanwhile continues to perform well. in addition to the positive external environment, the broad recovery in the various components of underlying domestic demand ( private consumption, government spending and investment ) underpins the expansion. improving labour market conditions indicate that the economy is moving closer to a position of full 1 / 7 bis central bankers'speeches employment. employment now stands at 2. 2 million, which is 17. 4 percent above the 2012 trough. of those employed, more are working full - time and the average work week has lengthened from 34. 9 hours to 36. 7 hours. the broad - based nature of the expansion has been a welcome feature, with employment and output increasing across most sectors. total employment is returning to pre - crisis levels but the composition of employment shows more balance, with approximately 1 in 16 persons employed in construction compared to 1 in 9 back in 2007. we expect the unemployment rate to decline further to an average of 5. 2 per cent next year, down from 6. 7 per cent last year and the 2012 peak of 15. 5 percent. moreover, measures of the potential labour supply show that there may be more labour market slack and therefore more capacity in the economy than indicated by the headline unemployment rate. as the economy gets closer to full employment, wages should rise at a faster pace. while the latest data show a modest pick - up in the growth rate of average hourly earnings during the second half of last year, our forecasts are for further increases during this year and next. with inflation expected to remain modest over the next two years, rising wages will translate into higher real incomes and purchasing power for households. these projections indicate the current economic prospects for the irish economy are quite robust. these forecasts are made based on the available data and our analysis of the factors currently shaping the irish economy. at the same time

make the bc model more viable. review of the cash management practices for delivery of banking services through the branchless modes need to be done for ensuring scaling up of the various models. 7. usage of banking services – using the first phase of our fi initiative, we have successfully opened 74000 outlets in the rural areas. going forward our idea is to enable more transactions in these accounts by providing more credit products, which will not only help rural people to avail of credit at comparatively lower rates of interest but at the same time also make the bc model viable for banks. skills and capacity building of bc is as important 8. financial education – we have adopted an integrated approach for financial inclusion wherein the supply side initiatives will be ably supported by initiatives on the demand side. in this direction banks will have to support financial literacy and awareness drives to make people understand the benefits of linking with the banking system. including financial education in the school curriculum so as to educate children about the benefits of banks and banking services. will go a long way in inculcating responsible banking habits at the young age. in this direction the technical group of the fsdc has already come out with a national strategy on financial education. 9. collaborative efforts – finally, financial inclusion cannot be achieved without the active involvement of all stakeholders like rbi, other financial regulators, banks, governments, ngos, civil societies, etc. the current policy objective of inclusive growth with financial stability cannot be achieved without ensuring universal financial inclusion. banks alone will not be able to achieve this unless an entire support system would be partnering with them in this mission. all the stakeholders need to join hands and make it possible. the support of policymakers, regulators, governments, it solution providers and public at large would bring a decisive metamorphosis in indian banking. 10. as stated by our governor, dr. raghuram rajan, we have to reach everyone, however remote or small, with financial services. financial inclusion does not just mean credit for productive purposes ; it means credit for healthcare emergencies or to pay lumpy school or college fees. it means a safe means of remunerated savings, and an easy way to make payments and remittances. it means insurance and pensions. it means financial literacy and consumer protection. i should emphasize the need for banks like the ones represented in this room to move beyond simply opening bank accounts to ensuring that poor customers are confident and comfortable enough to use them. innovation in reaching out to the underserved