case that staff from non - member countries get opportunities from time to time. we would like to see this practice continue, and ideally expand. i acknowledge that there are a great many non - member countries for the basel committee to potentially engage with, but on the other hand, engaging a single high quality person from such countries can have a disproportionately positive effect in transferring best practices. i note again the icbs, and the regional consultation groups, as indications of good practice. 3. 4 getting a fair chance to demonstrate compliance finally, what about a fair chance to demonstrate compliance? in the bcbs case, rcaps are only relevant to member countries, and small countries generally deal with basel rules text compliance through the imf / world bank and fsap processes. our experience has been that we do get a fair chance to demonstrate compliance on the core principles, and aspects of the rules texts as they come up. on the other hand, i must observe that small countries are often subject to regulatory and supervisory fads that emanate from the large countries that constitute the bulk of your membership. current examples include stress testing and resolvability of domestic systemically important banks ( dsibs ). on the stress testing front, north american and european banks are spending billions of dollars a year on financial stress testing. that is their business. it should not be our business. to again refer to the bahamian example, our banking system has a common equity tier 1 ( cet1 ) ratio exceeding 30 per cent. recession - type stresses generate reductions in that ratio, but nothing remotely large enough to approach international minimum capital levels. but what about our obvious stress, which in common with many small countries revolves around a natural disaster? most hurricanes which hit the bahamas have not presented a financial system threat. but a category 4 or 5 hurricane passing to the close north of this island could hurt us very badly. how badly? we don ’ t know. why don ’ t we know? in part because it ’ s a very complex question requiring coordination across a great many agencies plus the private sector. but also because the relevant staff are working on financial stress tests that in all honesty are more for fsap consumption than our own use. plus, there is a huge amount of work for a great many international agencies on a great many topics, not all of which are locally helpful. on the dsib resolution front : we have a minimal equity and nearly no debt capital market

we will also provide education on how to conduct transactions in safer and more secure fashions, especially given the increasing importance of electronic commerce, online banking and electronic money. this pushes along the desired path of being less dependent on physical cash in our daily transactions. we are pleased to be partnering with the clearing banks ’ association with this campaign. we will also be working with several industry stakeholders throughout the year to ensure that the campaign is well - rounded, relevant, and can reach as many people as possible. we encourage the public to visit the campaign website www. getmoneysmartbahamas. com /, for 1 / 2 bis central bankers'speeches information that will be updated at regular intervals throughout the year. we also encourage the public to follow get money smart bahamas on facebook and twitter and to join the conversation online using the hashtag # getmoneysmartbahamas. 2 / 2 bis central bankers'speeches