the transition to a new regime as smooth as possible ; they will also, in the long run, try to reduce unnecessary inefficiencies where possible. in december last year, the pra2 published a draft proposal for a post - brexit supervisory approach. i very much appreciate the spirit behind this approach. it reflects a solution - oriented, pragmatic, yet stability - oriented stance. in the same vein, the ssm has developed quite pragmatic, cooperative policy stances on many of the relevant issues. i am confident that this cooperative style can make an important contribution towards a smooth transition. 7 conclusion ladies and gentlemen, greater fragmentation will most likely be an inevitable result of brexit. instead of wishing to do away with what is beyond our control, we should set about finding pragmatic and at times innovative solutions to managing brexit and the ensuing fragmentation constructively. however, such a constructive approach will take time, because it means many complex answers have to be developed – which is why we need a sufficiently long transition phase. and i have to say that i was really facilitated well and truly relieved when i heard the news yesterday that a transition phase had been agreed, because this could make brexit less abrupt and, in the long run, less painful. during that phase, supervisors will have to find solutions that enhance financial stability without undermining economic efficiency. and financial firms will have to find innovative and pragmatic ways to comply with the new demands while maintaining their efficiency and profitability. for all the bullet points on our to - do list, we need an honest dialogue – if unnecessary problems and burdens arise, firms and investors should always come and talk to us. brexit is both too complex and too important to muddle through. thank you for your attention. 1 comprehensive economic and trade agreement between canada and the eu. 2 prudential regulatory authority. 4 / 4 bis central bankers'speeches

eli m remolona : protecting the banking system as a whole speech by mr eli m remolona, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the philippine deposit insurance corporation stakeholders'appreciation night, manila, 20 june 2024. * * * magandang gabi po. president bobby tan, members of the pdic ( philippine deposit insurance corporation ) board of directors, members of the pdic management, pdic's institutional partners, good evening. as the pdic's 60th anniversary celebration draws to a close, we would be remiss if we did not express our gratitude to our stakeholders. the pdic's relationships have been crucial to the organization's success. so, tonight is a stakeholders'appreciation night. as president bobby tan said, when the pdic was established in 1963, it was the first institution in east asia to offer deposit insurance. since then, it has stood as a bulwark against banking crises. yes, the pdic provides depositor insurance. but its most important role, by far, is to protect the banking system as a whole. when a mass of depositors decide to withdraw their money, even when they do not need it, then you have what constitutes a bank run. this bank run can have catastrophic consequences for the financial system, the economy as a whole, and our people. we look to the pdic to stop such a run in its tracks. in the late 1990s, the asian financial crisis shook the region's economies to their core. a decade later, the philippine banking system itself was shaken by the legacy group scandal, which led to the collapse of 48 banks across the archipelago. the pdic plays its most critical role during times like these. it does this by restoring confidence among depositors. today, i am proud to say that the bsp itself is one of the pdic's stakeholders. we work very closely together and try hard to maintain the stability and resilience of the philippine banking system. together, we are stronger in facing the challenges ahead. so, cheers to our enduring partnership. and cheers to our stakeholders. maraming salamat po at mabuhay tayong lahat! 1 / 1 bis - central bankers'speeches