njuguna ndung ’ u : the advantages of mobile phone banking services remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, at the launch of the family bank ’ s mobile phone banking services, nairobi, 3 june 2010. * * * mr. titus k. muya, chairman of the board of directors, family bank ltd., mr. peter kinyanjui, chief executive officer, family bank ltd., board members, family bank ltd, distinguished guests, ladies and gentlemen, i am privileged to be here this morning on the occasion of the launch of family bank ’ s mobile phone banking services. today marks yet another milestone on family bank ’ s growth trajectory and also another important innovation in the banking products that enlarge the range of financial services. i therefore feel honoured to have been invited to launch this product. it would not have been possible for us to assemble here and witness the rolling out of this product into the market without the wise stewardship of the board and management of the bank. i therefore salute the board, management and staff of family bank on the introduction of the mobile phone banking services that we shall be launching this morning. i have been informed that these mobile banking services dubbed “ pesa pap ” have been made possible through the use of the safaricom m - pesa platform. on this note, i salute safaricom for having partnered with several banks in providing innovations that will not only enhance access to financial services but also the growth of commerce in both the rural and urban markets. in his madaraka speech to the nation, h. e. the president, hon. mwai kibaki particularly singled out the innovation in information technology and the support it has provided to mobile phone money transfer services – as leading innovations in the world. the world bank ’ s doing business report on access to credit places kenya at 4th position of 183 countries. allow me to mention that the pesa pap product being rolled out today is a consolidation of three products with key distinct features as follows : the m - pesa super - agency providing electronic value to safaricom agents countrywide will be of benefit in terms of improving m - pesa availability in the market and ensuring m - pesa agents maintain optimum levels of float. bulk value payments through m - pesa will allow bulk remittance of payments including salaries and loan disbursements to employees, borrowers and agricultural farmers and the ; m

guy debelle : the financial situation three years on speech by mr guy debelle, assistant governor ( financial markets ) of the reserve bank of australia, at the westpac macro strategy forum, sydney, 9 september 2010. * * * thanks to patrick d ’ arcy, megan garner, crystal ossolinski and andrew zurawski for their help. it is now a little over three years since the onset of the financial crisis in august 2007. since that time, financial markets have varied substantially in terms of pricing, volumes and functioning. conditions in global markets now are markedly improved from their dire position in the last quarter of 2008. markets have not returned to their pre - 2007 state, but that is generally a good thing as those conditions were not sustainable ( as indeed they proved not to be ). notwithstanding this, conditions in some markets remain somewhat fragile, reflected in still elevated volatility. in part, i think this is because the events of 2008 are a recent memory and practitioners now know how to retreat rapidly, instead of this process taking over a year as occurred between august 2007 and september 2008. we saw some evidence of this back in may this year. what i intend to do today is talk about the state of play in financial markets, focussing primarily on the foreign exchange market and the domestic bond market. i will focus on structure and functioning and how these have changed over the past three years. throughout the period, australian financial markets have generally operated with less dislocation than those in other parts of the world and that remains true today. foreign exchange the foreign exchange market has been amongst the most resilient of markets throughout the financial crisis. indeed, its resilience and the increasing attractiveness of foreign exchange as an asset class have seen many financial institutions expand their staffing in this area, even while they have been shrinking elsewhere. the most recent data published by the foreign exchange committees in the major markets confirm this view. turnover in these markets has increased by 30 per cent from the lows of early 2009, to be above its pre - crisis levels ( graph 1 ). the same picture can be gleaned from the just - released bis triennial survey which shows global turnover averaged us $ 4 trillion a day in april 2010, 20 per cent higher than in april 2007. by market, this growth has been broad - based. the uk, which is the largest market, experienced slightly above - average growth while market share declined in the rest of europe. the australian