. the framework for the examination is a phased approach. phase 1 involved the development and submission of detailed plans by relevant lenders. this phase has been completed. phase 2 requires lenders to conduct the review of their mortgage loan books in line with our framework. these reviews are extensive in that lenders must review the underlying loan documentation and customer files for the in - scope accounts to determine their specific contractual obligations, and also to determine if the documentation that each customer received had the potential to confuse or mislead the customer, both on a stand - alone basis and when read in conjunction with other communications – be they written or verbal – made to the individual customer. in this respect, the central bank invoked its powers under section 22 of the central bank ( supervision and enforcement ) act 2013 to set specific timelines for lenders to complete phase 2 of the examination, the last of which will be completed by no later than end september 2017. the timelines have necessarily taken account of the size of the relevant lender ’ s loan book, the scale and complexity of issues in the lender, and the complexities associated with completing a thorough review, in line with the key objectives of the examination. by this date, the central bank expects all lenders to have identified all affected accounts, stopped further harm, and have commenced engagement with most impacted customers. the central bank is rigorously monitoring the completion of this work. phase 3 of the examination relates to the calculation of redress and compensation for customers identified as having been affected by tracker mortgage related issues. phase 4 relates to the implementation of a redress programme in respect of these customers. phases 3 and 4 may run concurrently with phase 2 and, as such, the central bank expects lenders to commence phases 3 and 4 as affected customers are identified. in that regard, and in accordance with our recent update, approximately €78 million has now been provided in redress and compensation to circa 2, 600 impacted customers identified as part of the examination. separately, sums of €36. 8 million and €5. 8 million in redress and compensation have been paid by ptsb and springboard mortgages limited in respect of 1, 374 3 / 7 bis central bankers'speeches accounts impacted as part of the aforementioned mortgage redress programme announced in july 2015, which predated the examination. due to legal requirements which restrict the degree to which i can discuss individual firms, i cannot provide a detailed breakdown by lender as to precise numbers

currency in view of its relevance in foreign exchange markets, where it is has the third largest turnover of any currency after the us dollar and the euro. the usd / jpy currency pair is also one of the most frequently traded in the world, second to eur / usd ( bis : fx - triennial survey, 2010 ). furthermore, on - site trading in japan will permit us to deepen our contacts with the trade and settlement sections of the bank of japan, which manages accounts and safe custody accounts for the bundesbank within the context of foreign reserve management. the bundesbank also expects this closer contact to yield additional knowledge about the functioning of the japanese economy and monetary policy. furthermore, it will enable contacts with the bank of japan to be strengthened at a political level, too. the bundesbank ’ s trading desk in tokyo will allow it to conduct trading during those hours when tokyo ’ s daily trading volumes are at their heaviest. until now, the time difference has prevented the bundesbank from trading during this market phase and it is therefore currently unable to directly respond to economic data or unexpected market events in japan. in this respect, the opportunity to trade in tokyo will minimise potential losses and help limit risks for investment committee and trading positions. furthermore, trading during the tokyo trading hours will create, in particular, significant scope for reducing transaction costs. compared with the european trading hours, the bid - ask spreads will decrease significantly owing to the greater trading volume and higher level of market liquidity. we are taking advantage of this by shifting a part of our trading activity to this time zone. 5. conclusion there is no doubt that it is now more important than ever for us to gain a deeper understanding of japan, asia and the pacific region. the representative office and the new trading desk will be our window to the asia - pacific region. expanding our presence in tokyo reflects the importance of the japanese financial market and the growing influence of the region in the global economy. bis central bankers ’ speeches the new trading desk will be a great enhancement to the bundesbank ’ s representative office, which already has a long and successful history. today we want to celebrate this launch with you. i hope you enjoy the reception. bis central bankers ’ speeches