maiava atalina ainuu enari : educating children about money matters opening remarks by ms maiava atalina ainuu enari, governor of the central bank of samoa, at the awards ceremony of the “ be money wi $ e ” financial literacy poster competition 2014, apia, 14 march 2014. * * * greetings and welcome to you all, dear parents, school principals and most importantly the winning students of the 2014 be money wi $ e poster competition. as i look across the room to the students, parents and principals / school reps,... without a doubt this is a happy friday for you all. it gives me great pleasure to say that, this is also a happy friday for us at the central bank – we are as much excited to reveal the winning poster entries as you are to be here today to receive your awards!! talofa! talofa lava ; i am delighted to be here today, at the conclusion of an important initiative for the central bank, to address this gathering and most especially the winners of – our first be money wise financial literacy poster competition. this competition is one of many programs undertaken by the central bank to perform one of its mandates of promoting financial literacy under the “ financial fitness ” or “ fit for finance ” campaign. the “ be money wi $ e poster competition 2014 ” was also conducted in collaboration with the global money week which is coordinated by child & youth finance international. global money week takes place on the 10 – 17 march and is a worldwide celebration through events and activities to help empower children and youth to be confident and responsible economic citizens. during this week, children are encouraged to engage in learning on how money works, including saving, creating livelihoods, gaining employment and entrepreneurship as well as living financially smart lives. and so for samoa ’ s contribution to the event, the central bank decided to conduct a financial literacy poster competition to encourage kids to use their imaginations and knowledge about money choices, and help provide a creative outlet to demonstrate their knowledge. for this year ’ s poster competition theme “ i can grow my money by... ” myself and mrs vicseta meredith of business system limited had the pleasure and the hard task of judging the entries. we were very impressed with the quality of entries that were presented to us – so it pains us that there are only a limited number of awards we can give out for the competition. “ financial literacy ” or “ the set of skills and knowledge that

to address these shortcomings. the federal reserve has supported the basel committee ’ s adoption of improved capital requirements that include raising risk - weightings for traded assets, improving the quality of loss - absorbing capital through a new minimum common equity ratio standard, creating a capital conservation buffer, and introducing an international leverage ratio requirement. the federal reserve has also supported the basel committee ’ s work on quantitative liquidity requirements and its work on capital surcharges for banks of global systemic importance. another example of international cooperation on the regulatory front is the financial stability board ( fsb ), which consists of key financial regulators around the world, including the federal reserve. the fsb has identified a number of challenges that international cooperation among central banks and financial regulators are helping to address. one such challenge regards over - the - counter ( otc ) derivatives. to reduce the systemic risk of otc derivatives, the g - 20 leaders have agreed to require that standardized otc derivatives be cleared through a central counterparty. another challenge is that of cross - border resolutions, and the fsb has undertaken analytic work on how to improve the resolvability of bis central bankers ’ speeches financial firms that have a substantial international presence. the fsb has also identified and spurred cooperative work on gaps in financial data and on the so - called shadow banking system. as a bank supervisor, the federal reserve has cooperated with foreign bank supervisors ( including other central banks ) through participation in supervisory colleges, which are multilateral standing working groups of supervisors formed for the purpose of enhancing effective consolidated supervision of an international banking organization. supervisory colleges enhance the information exchange and cooperation of home and host supervisors to help them develop a better understanding of the risk profile of a banking organization. lastly, at the federal reserve we have also been working closely with other u. s. agencies in the recently established financial stability oversight council on the implementation of the financial stability reforms laid out in the dodd - frank act. one key aspect of this act is the focus on a “ macroprudential approach ” that pays attention to the financial system as a whole, in addition to individual financial institutions and markets. the greater emphasis on macroprudential tools has been widespread. indeed, the federal reserve has participated in analyses of macroprudential tools and policies undertaken with other g - 20 central banks at the bis and with bank supervisors on the basel committee. one of the reasons that coordination is required for supervision and regulation is the substantial cross - border operations of