there are about 47 million deposit accounts held by 38. 4 million accountholders in june 2014. this is a considerable increase from the 40. 1 million accounts in the name of 31. 1 million depositors that was recorded as late as march 2012. the number of unbanked municipalities has also dropped, mainly due to a rise in alternative channels that target low - income clients. we have seen a rise in the use of electronic money ; an increase in the number and reach of automated teller machines ; as well as the expansion of the microfinance portfolio of the banking industry. this last point is critical because we are aware that microfinance responds to its stakeholders by calibrating related products and services to meet the idiosyncratic needs of its constituents. exciting times – synergies these banking indicators point to a rise in retail savers – the very segment who we believe can migrate into investors as they prepare for their future through trust and pension products. these are clearly very encouraging developments. they reflect growth and portend of opportunities while institutionalizing the synergies among financial institutions and professionals in banking, trust and pensions. derived from 62 quarters of consecutive growth ending q2 of 2014, “ banking on safety nets, ” gov ’ s speech during the sss balikat ng bayan awarding ceremonies and peso fund, 25 sept. 2014. bis central bankers ’ speeches it is not enough to preserve these gains. rather, we need to build upon them so that we continue to dynamically prepare for the uncertainties facing differentiated individuals. fortunately, we see some points of convergence that we can focus on : first, the country ’ s widening banking network can provide more access points for the convenient collection of premiums and the distribution of pension benefits. second, bsp - supervised trust entities can broaden their participation in the pension system by managing the employee benefit funds of private firms as well as the trust funds of preneed companies. as of end - june this year, only 13. 7 % of assets under management of bsp - supervised trust entities are those of employee benefit programs as well as individual retirement and pension funds. this is an area where improvements can be made, especially when you consider the very nature of the trust business. third, under the irr of the personal equity and retirement act, trust entities are allowed to serve either as product provider, administrator, investment manager or securities custodian of retirement funds that are over and above those that the gsis and the

##anational european policies and national fiscal policies is fundamental. for their part, the latest decisions taken by the ecb are the result of an analysis that weighs up the different risks arising from the current context for our price stability target. the measures agreed strengthen the data - dependent nature of our decisions, increase the flexibility and optionality available in our various monetary policy instruments and provide certainty to economic agents as a whole, with a clear commitment to adopt all the measures that may be needed to fulfil the ecb ’ s price stability mandate and to safeguard financial stability. third, the sharp rise in the prices of energy and certain other commodities at global level in recent quarters, which has intensified as a consequence of the conflict in ukraine, entails for the spanish economy – a net importer of these products – a negative shock to our terms of trade. this reduces national income and raises inflationary pressures in the near term. in this context, it is vital to prevent these near - term inflationary pressures from passing through to the medium - term through second - round effects and, in particular, through an inflationary wage - price spiral. avoiding this spiral is not in the least bit easy ; nor, of course, is it rewarding in the shortterm. an incomes agreement is needed between workers and employers that will ensure gains for everyone in the medium - term, although in the near term everyone will have to assume a loss. as in similar situations on previous occasions, i would like to emphasise the need for consensus to confront the scenario before us effectively. employment in spain and the competitiveness of the economy over the coming years will largely depend on our ability to reach these difficult compromises. in the past we have reached agreements of this importance and they have borne fruit. given this evidence, and the magnitude of the current challenge, i am optimistic that we will manage to do so once again.