i understand is very much up to date on this. the central bank is supportive of banks ’ efforts in modernizing their ict infrastructure but we would like to see a harmonization of these developments. this would ensure inter - operability and thereby maximize the benefits for bank customers. thus, while banks can and ought to use ict platforms to develop competitive advantages, it is important that these platforms carry the capability of harmonization with the systems of other banks. in this regard the central bank has just issued guidelines for the operation of atms and point of sale systems, for the attention of the industry. salient aspects of the guidelines are the need to use atm equipment, software and card technology that are in accord with international standards ; and installation of platforms interoperable with international atm and eftpos networks operated by companies of international repute. mr. chairman, the theme for this event is ‘ the role of banks in the integration of the sub - region ’ and let me make a short remark on that theme. surely, the benefits of economic integration are well documented and governments in the sub - region, especially the wamz countries, have committed to achieving this goal. the banking and financial sector can spur this process by establishing the appropriate linkages with the institutions, markets and enterprises that operate in the sub - region. intra - regional trade can be facilitated by banks by devising the appropriate payment instruments and mechanisms. for example, banks could provide a menu of products and services that promote and support trade between ghanaian companies and their nigerian and other regional counterparts and in this way promote the ecowas objective of economic integration and trade liberalization programme. mr. chairman, while we are looking forward to increased cross - border trade we should also be mindful of the problems that can arise from fraudulent and other malpractices, sometimes with collusion from persons inside the banking system. it is for this reason that we are seeking to implement an antimoney laundering regime and enforce a ‘ know your customer ’ policy in all banks. the implementation of the aml provisions, together with the know your customer policies will help rid our banking system of abuse and illegal transactions - a universal threat which demands vigilance on the part of all stakeholders. we count on your cooperation in running a transparent, safe and secure banking system consistent with the pedigree of gtbank. i am sure the financial industry and the economy will be the better for it. on this note mr. chairman, i welcome gu

conditions of the private sector and expanding the monetary base, the pspp makes it cheaper for households and firms to borrow. this can encourage them to borrow and expand consumption and investment. by eroding economic slack, such boost to demand helps to bring inflation back to levels below, but close to 2 %. between end - august 2014, when markets had started to price in larger - scale ecb asset purchases, and february 2016, the gdp - weighted average of euro area 10 - year sovereign bond yields has fallen by about 70 basis points. over the same period, bank lending rates to euro area companies – a key indicator of financing conditions in a bank - centred economy such as the euro area – have decreased by a similar magnitude. a sizeable fraction of this easing in financing conditions can be attributed to our monetary policy measures in general and the pspp in particular. but here again, there are boundaries and limits. although it is intended to lower the bond yields of sovereigns as a major determinant for bank lending rates to companies, it is not only undesirable to wipe out the credit risk premium investors “ instrument independence ” has gained currency as a common expression in the economic literature on central bank independence and is understood as “ the central bank ’ s ability to freely adjust its policy tools in pursuit of the goals of monetary policy ”, see debelle, guy and stanley fischer ( 1994 ), “ how independent should a central bank be? ” in jeffrey c. fuhrer ( ed. ), “ goals, guidelines and constraints facing monetary policymakers. ”, federal reserve bank of boston, pp. 195 – 221. however, it is not a well - defined legal term. in the legal doctrine, one would rather refer to “ discretion ” regarding the choice of instruments. bis central bankers ’ speeches ask from sovereign issuers, it would moreover raise serious legal concerns as to whether this would not enter the remit of economic policy. • second, with key ecb interest rates already very low, and the cbpp3 and abspp having insufficient scope to address severe downside risks to price stability given their limited market size, purchases of investment - grade bonds of euro area sovereigns were considered a necessary instrument to provide additional monetary stimulus. in particular, there was no other asset class with comparable risk characteristics and with a similar potential for easing private - sector borrowing conditions. • third, pspp purchases expose the eurosystem balance sheet to a certain risk. these risks are