all banks must have at least 4. 5 per cent of their risk - weighted assets in share capital and retained earnings. in addition, the lowest permitted level for total tier 1 capital is raised from four per cent to six per cent. basel iii also introduces a capital conservation buffer of 2. 5 per cent, consisting of core tier 1 capital. this means that the banks should have a core tier 1 capital holding of at least seven per cent. if a bank falls below the seven per cent limit, its entitlement to pay dividends and to conduct share buy - backs will be restricted. the proportion of profits that must be retained within the bank increases the further below the seven per cent limit the bank goes. the idea behind this is to force the banks to accumulate their profits as capital instead of paying them as dividends to the shareholders. however, this will not affect sweden, at least not directly. swedish banks are well capitalised and have a quota for core tier 1 capital that is already above seven per cent. we will, however, see effects at the international level and, as we are highly affected by what happens abroad, swedish banks and sweden in general will also benefit from the fact that banks in other countries will become more resilient. apart from the changes in levels, there are also stricter requirements regarding the quality of the capital held by the banks. as equity constitutes the difference between assets and liabilities on the balance sheet, both the size and quality of the capital will be highly affected by how a bank ’ s assets and liabilities are valued. to ensure that the banks ’ capital really can cover losses, they must already today make certain adjustments in their equity on the basis of what actually exists on the asset side. the principles governing how to do this will now be tightened up. for example, deductions will have to be made directly from the core tier 1 capital, unlike today when either the total tier 1 capital or the total capital base is adjusted. nor will the banks be able to include assets that form the capital base in other financial institutions. the idea behind such a limitation is to counteract the domino effects that can arise if a bank goes bankrupt. other important assets on the balance sheet that will require adjustment of the capital are goodwill and deferred tax assets. another important change is that it will not be possible to include hybrid capital to the same extent as before. innovative hybrid instruments with a so - called step up will, for example, be

fish, particularly the tilapia and the nile perch, has become an important export and therefore source of uganda ’ s foreign exchange earnings and economic development. this stamp is geared to enhance this industry. the fourth stamp of shs 2, 000 features the mountain gorilla found in the bwindi impenetrate forest & mgahinga gorilla reserves. there are less than 600 left in the wild in the entire world! the objective is joining the worldwide effort to preserve this endangered specie and in turn promote tourism to uganda. in conclusion, let me reiterate bank of uganda ’ s commitment to deliver the bank ’ s mission of fostering price stability and a sound financial system. it gives me great pleasure to officially launch asset of four the bank of uganda commemorative stamps. i call upon the stamp collectors and the public to make full use of these stamps. allow me once again to thank post uganda for partnering with us in issuing these stamps.