terms based on their good credit histories. since the rollout of the cis mechanism in 2010, commercial banks and microfinance banks had requested more than 4. 8 million credit reports from the two licensed credit reference bureaus as at 30th september 2014. the borrowers have on the other hand accessed 77, 422 credit reports over the same period. as the full - file sharing introduced in february 2014 takes root, the usage of the cis mechanism will continue increasing. ladies and gentlemen : as already alluded to, the establishment of akcp was informed by our desire to optimize the benefits of the cis mechanism. this is only possible when most of the credit providers are participants. that is why akcp ’ s initial task is to recruit credit providers who are not yet members of the association. we all appreciate that most kenyans are multi - borrowers and their credit reports can only be complete if all credit providers participate in the cis mechanism. a wider membership of akcp enhances a quick optimization of the benefits to be derived from the cis mechanism. this is only possible when an encompassing regulatory framework for all credit providers, both regulated and nonregulated, is developed. this is the other main task for akcp. ladies and gentlemen : when cis was launched, the only products on offer were basic credit reports. however, the introduction of full - file credit information sharing in february 2014 enabled credit reference bureaus to introduce value added products such as credit scoring. credit scoring not only enriches the value of credit reports to the lenders but greatly improves the lenders credit risk management. credit scores will help borrowers to know their risk profiles and how their loans will be priced. credit scoring will also go a long way to complement the kenya banks reference rate ( kbrr ). this is because credit scores will form an objective basis for credit providers to determine the risk premium to be charged above kbrr. ladies and gentlemen : as i conclude, i challenge all players represented here today to closely work with akcp to ensure the realization of its strategic objectives. as identified in bis central bankers ’ speeches the government report on increasing private sector credit and mortgage finance in kenya, cis has an important role to play in promoting access to affordable credit. the report encourages full implementation of the credit reference bureau regulations 2013 as well as the expansion of the mechanism to non - banks. in order to ensure sustainability of this new association, i urge all potential members to support akcp via membership subscriptions and other

. so how should the central bank react in this environment? any potential action needs to be viewed in a context where the balance of risks to fulfilling our objective is on the downside. certainly, the time horizon for central banks to normalise inflation cannot be pre - set, by statute, unconditionally. indeed, in a vast part of the world where central banks are assigned numerical objectives for price stability, the stabilisation horizon is not defined in rigid calendar - time form, but is left rather flexible for central banks to determine according to the nature of shocks that cause inflation to deviate from target. at the same time, a central bank cannot allow itself too much discretion over the time horizon when inflation should return to its target. a numerical objective which is rarely realised – looking forward and in retrospect – is no hard objective. our independence rests on the fact that we are accountable, and that means delivering price stability over a horizon that is verifiable by the public. moreover, central banks know that if they lack a verifiable commitment to control inflation symmetrically over a horizon for which the public retains some visibility, this can result in inflation expectations becoming “ unanchored ”. it is in this spirit that a central bank may choose to proactively counter downside risks and thereby underpin the public ’ s faith in the effectiveness of monetary policy. that is why the governing council concluded at its last meeting to thoroughly analyse “ the strength and persistence of the factors that are currently slowing the return of inflation to levels below, but close to, 2 % in the medium term ”, and would re - examine “ the degree of monetary policy accommodation. ” we have to assess whether, taking the risks relating to our mandate into account, the overall picture in the euro area economy is one of sufficient speed and momentum in growth and inflation for the ecb to meet its medium - term mandate. bis central bankers ’ speeches uncertainty about the structure of the economy to deliver our mandate, however, we also need to address the second dimension of uncertainty – uncertainty related to the structure of the economy. more precisely, we need to understand and respond to evolutions in the structure of the economy caused by the crisis. there are two key structural conditions that matter for the central bank to meet its objective. first, the financial transmission channel must remain intact, so that monetary policy is able to maintain sufficient traction over the economy and economic slack remains controllable. second, a